Real Property Freehold Estates Flashcards
Does the fee tail exist in GA?
No, it has been abolished by statute
A life estate may be granted:
a) expressly OR b) may arise by implication
What is a life estate pur autre vie?
A life estate measured by the life of another
O conveys Blackacre to Tarzan for the life of Jane. Tarzan dies but Jane is still alive, what happens at common law?
Seisin is vacant so anybody takes until Jane dies
Modern Rule for a life estate pur autre vie?
If the life tenant dies before the measuring life dies, the life estate passes to the estate of the deceased life tenant and continues in place until the measuring life dies
What if the life tenant dies before the measuring life dies?
General rule: the life estate passes to the estate of the life entant and continues until the measuring life dies
Can a life estate have a valid restraint on alienation?
Yes, the modern rule allows a provision that terminates the life estate IF the life tenant attempts to convey away the life estate
What is the general rule for the law of waste?
The tenant maintains the estate
Voluntary waste is:
any affirmative action beyond the right of maintenance that causes harm to the premises
Depletion of natural resources constitutes waste UNLESS
consumption of such resources consitutes the normal use of the land, as in the case of a life estate in a coal mine or granite quarry (Open Mines Doctrine)
The Open Mines Doctrine applies only to
depletable natural resources
The tenant must do three things to avoid liability for permissive waste:
1) Repair 2) Pay taxes 3) Pay mortgage interest
The life tenant’s repair obligation (and tax and interest obligations) is limited to the:
amount of rents and profits received from the land. If there are no rents and profits the the repair obligation is limited to the reasonable rental value of the land IF the tenant is using the land. If the tenant is not using the land then he has no repair obligation
What happens if the life tenant fails to pay taxes on the property?
The holder of the future interest must be sure that the taxes are paid because a tax sale will eliminate the future interest. The buyer the tax sale will take free and clear of the future interest.
Under GA law if the life tenant fials to make the property tax payment the life estate is
forfeited
Ameliorative waste occurs when the life tenant alters the property substantially but the life tenant’s activity
increases the value of the land
If changed conditions have made the property relatively worthless, then
the life tenant can alter the property without incurring liability to the holder of the future interest
What is the general rule for future interests?
The interest exists now but possession will not take place, if it takes place at all until some time in the future
What are the future interests retained by the grantor?
1) Reversion 2) Possibility of reverter 3) Right of entry
What are the future interests given to the grantee?
1) Remainder 2) Executory interest
A reversion arises in the grantor whenever:
the grantor conveys less than the full durational estate that the grantor had
What is a fee simple determinable?
An estate that automatically terminates on the happening of a stated event and goes back to the grantor
Whenever a grantor conveys an FSD, the grantor retains:
a possibility of reverter (automatically)
What are the magic words for identifying an FSD?
1) So long as 2) while 3) during 4) until