Real Property Flashcards
Fee simple absolute -> Runs forever, and freely alienable (but with condition is ok)
Presumed except otherwise stated. “To A” means fee simple absolute and it means “to A and his heir”
Fee simple determinable -> Duration
“so long as”, “during”, “while”, and “until”
Fee simple subject to condition subsequent -> conditional-> not end automatically
“but if”, “provided”, “however”, and “upon condition that” -> when inconsistent -> Prefer over Fee simple determinable
Fee Simple subject to Executory Limitation
Pass to other grantee
Life tenant needs to maintain /repair the property, otherwise permissive waste (insurance not needed)
substantial changes to the premise -> need to increase the value of premise (look at relatively useless to current use)
Example: for A for life, then sell her life estate to B
B has life estate pur autre vie subject to A’s life, when B dies, to B’s estate until A dies.
Future interests to grantor (Not subject to RAP): 1.Reversion 2. Possibility of Reverter (usually with fee simple determinable) 3. Right of entry (usually with fee simple subject to a condition subsequent; needs to be expressly written)
Future interests to grantee: 1. Reminder 2. Executory Interests
Remainder 1: Vested Remainder -> No condition preceded + Ascertainable Person
Remainder 2: Vested Remainder subject to open -> no condition preceded + class of member (children, but cannot be born later than 10 months or 280 days of grantors’ death)
Remainder 3: Contingent Remainder: Condition preceded + No ascertainable Person
Remainder 4: Vested Remainder subject to Divestment (interests can be divest): Identified person +condition subsequent
Executory Interests: shifting - from grantee to grantee
Executory Interests: springing - from grantor to grantee (example: A to B if B marries C)
For vested remainder subject to open, if 1 class member void, all void
Age contingency: more than 21 years after Testator’s death
Joint Tenancy: Needs to be same time, same title, same interests and same right (needs “joint tenancy” like language)
“jointly” or “joint owner” would be tenancy in common
Conveyance of interests destroy right of survivalship, the conveyee has tenancy in common.
The rest still has joint tenancy but the conveyed part is forever gone. (In lien theory state -> Mortgage cause no severance; title theory state -> Mortgage cause severance) Servence occur when contract of Sale is entered. -> But for when creditor obtain a judgement, there is not a sale yet.
Tenancy in Common: Created when 4 elements for joint tenancy are not met or unclear language
Co-tenant contribution: needs to pay tax, mortgage, and repair necessary utility, but does not have to pay for improvement
Partition: if capable to divide -> partition by kind / If unable to divide -> partition by sale
Landlord: Acceptance of Rent creates periodic tenancy by operation, even though statute of fraud violated; tenancy at will -> termination by death, waste, assignment, transfer of title and lease by landlord to someone else