PROPERTY LAW REAL PROPERTY Flashcards
Fee Simple Estate VS Life Estate: A full ownership interest in property with the unconditional right to dispose of it. The owner can leave the property to heirs and sell, lease, or use it
Fee Simple Estate
Fee Simple Estate VS Life Estate: Lasts only until the death of a specified individual.
Life Estate
What is Conveyance
To A and his heirs; To A and her heirs
Fee Simple Estate and Life Estate: Conveyance
Fee Simple Estate
Defeasible Fee
Fee Simple Estate: An estate may be subject to termination upon the happening of some future event
Defeasible Fee: Fee Simple Determinable vs Fee Simple Subject to Condition Subsequent: Created when the grantor intends to grant a fee simple only until a specified future event happens
Fee Simple Determinable
Defeasible Fee: Fee Simple Determinable vs Fee Simple Subject to Condition Subsequent: The grantor attaches a condition to the ownership, but the grantor must take action to reclaim the property if the condition is violated
Fee Simple Subject to Condition Subsequent
Defeasible Fee: Fee Simple Determinable vs Fee Simple Subject to Condition Subsequent: Key Words “So Long As…Until…While”
Fee Simple Determinable
Defeasible Fee: Fee Simple Determinable vs Fee Simple Subject to Condition Subsequent: Key Words “Provided that…On the condition that.”
Fee Simple Subject to Condition Subsequent
Reversion Defeasible Fee: Fee Simple Determinable vs Fee Simple Subject to Condition Subsequent: Automatic
Fee Simple Determinable
Reversion Defeasible Fee: Fee Simple Determinable vs Fee Simple Subject to Condition Subsequent: Requires Action by Grantor
Fee Simple Subject to Condition Subsequent
Defeasible Fee: Fee Simple Determinable vs Fee Simple Subject to Condition Subsequent: Rick conveys Greenacre to the Town Library Association “for so long as Greenacre is used as a free lending library.”
If the property stops being used as a free lending library, it automatically reverts to Rick without any action on his part.
Fee Simple Determinable
Defeasible Fee: Fee Simple Determinable vs Fee Simple Subject to Condition Subsequent: Rick conveys Greenacre to the Penn State University Athletics Department, “provided that if Greenacre is ever used for anything other than athletics, Rick may enter and retake possession of Greenacre.”
If the property is used for a non-athletic purpose, Rick has the right (but not the obligation) to reclaim Greenacre. It does not revert automatically; Rick must take action.
Fee Simple Subject to Condition Subsequent
life estate: it is an interest in which a person called a ___, is entitled to possession of real property and to all income the land produces for the duration of the person’s or someone else’s life
life tenant
Life estate: the interest terminates:
Life estate: the interest terminates on the death of the life and does not pass to his or her estate
Example of what type of estate: Life estate: the interest terminates on the death of the life and does not pass to his or her estate
Liz owns Greenacre in fee simple absolute. She conveys Greenacre “to Guy for life.”
Guy (the life tenant) can use Greenacre until his death.
After Guy’s death, ownership depends on the future interest (e.g., reversion or remainder).
Life Estate: doctrine of waste vs reversion vs remainder vs pur autre vie; Life tenants cannot harm the property or reduce its value.
doctrine of waste
doctrine of waste: wells or mines
The life tenant can use the land to harvest crops or, if mines and oil wells are already on the land, can extract minerals and oil from it, but the life tenant cannot establish new wells or mines
What happens with life estate after death
A life estate always has a future interest that determines who gets the property after the life tenant’s death.