Real Property and Future Interests Flashcards
Devisible
pass by will
descendible
passing through intestate
alienable
passing inter vivos
Fee simple abosulte
- implied if no express intent
- absolute ownership of potentially infinite duration
defeasible fee
fee simple estates that can be terminated upon an event or occurance
fee simple determinable
fee simple that terminates upon occurance of event and reverts back to grantor
- created with conditional language (as long as, until, during)
- transferable, devisilbe descenible, ALWAYS subject to condition
- always has a possiblity of reverter back to grantor; automatic
fees imple subject to conditon subsequent (FSSCS)
- fee simple that reserves right to terminate only after the grantor takes some action
- not automatic
- condition is after granting of property
- Always has the right of re-rentry
fee simple subject to executory interest
-fee simple with condtions giving a thrid party the property if not met (executory interest)
do words of desire hope or intention count as a defeasible fee
no
are fees simple conditions penalizing marriage or encourgaing divorce valid?
no, BUT conditions supporting someone until marriage or in the event of divorace are
life estate
- must be made in explicit lifetime terms (for life,)
- for natrual life of the recipient
- transferable, not devisible or decendible (bc for life)
life estate pur autre vie
life estate that was transfered to a thrid party during the life of the transforor
-once transferor dies, life estate ends
what is a remainder
future interest of a third party
what is a reversion
future interest of a grantor
can life tenants commit waste on property
no, must not commit actual, permissive, or ameliorative waste
-for permissive waste, must repair, pay taxes, pay interest on mortgage, pay special assessments for SHORT term improvements (long term improvements split with future interests)
contingent remainder
third party interest to either an unborn or unascertained person OR subject to a condition precedent (condition that needs to be met before taking)
vested interest
present ppl with NO condition precedent
indeafisible vested remainder
third party is certain to get property, no strings attached when they do
vested interest subject to total divestment
vested interest subject to a condition subsequent
vested reaminder subject to open
third party interest that is certain, but could be claimed (diminuated) by sharing interest with others
springing executory interest
cuts the interest of grantor short (original O)
shifting executory interest
always follows a defeasible fee and cuts short someone elses interest
the rule of perpetuities; when does it begin to run
for interest granted by will: runs from the testators death
-for deeds: date of delivery
when does an interest vest according to the rule against perpetuities
when the interest becomse possessory (party owns property) OR when the interest is an indefeasible vested remainder (will certain become possessory with no conditions)
what are the four steps for analyzing rule against perp
- determine the interest
- how will future interest holder take
- whos life am I measuring to detemrine if within rule
- when will we know for sure the future interest holder can take
When rule against perp is broken, what happens?
the void provision is removed, but only the void provision
What form of restraint on alienation is always prohibited
absolute restraints on fee simple
what are permissible alienation restraints on fee simple
reasonable and limited time forfeiture and promissory restraints
what are promissory and forfeiture alineation restraints
forfeiture: attempted transfer forfeits interest
promissory: attempted transfer breaches covenant
what happens in a joint tenancy with more than two ppl in which one joint tenant transfers their interest?
joint tenancy remains for the other two, but they are in a tenant in common with transferee
what is lien theory in joint tenancy
a mortgage DOES NOT sever JT; majority view
what is title theory for JT
a mortgage DOES sever JT
can creditors of one spouse in a tenants by the entirety go after the shared property?
no
can a spouse transfer their interest in a tenancy by the entirety?
Yes, BUT that does NOT defeat the right to suvivorship to the other spouse
in a tenancy in common, can a co-tenant rent property out?
yes, no permission needed to rent BUT must split proceeds with co-tenants
what are the partition rules for tenancies?
- any tenant can bring a partition action
- partition in kind, valuntary agreement, and forced sale
Can you mortgage when in a JT or a TiC
Yes, but on ly your interest, and wont disolve right of survivorship in JT or TitE
Do landlords have the right of entry in most leases
yes, if the tenant breaches a lease covnant