Types of Estates Flashcards
Legal interest or right one has in the land; intangible and immeasurable
Estate
Possession (rather than ownership) of property
Tenancy
Right or claim a person has to property
Interest
Form of real property ownership; fee simple is absolute ownership and most common form
Fee
Abuse of a property by a person who holds possession through a life estate
Act of waste
An inheritable estate
Fee simple
Provides the most complete form of ownership and bundle of rights in real property
Fee simple absolute
An inheritable freehold estate that is defeasible (the grantor can terminate the title). For example, a parent could transfer property to a child as long as the child remained unmarried.
Qualified fee
Ownership, possession and control for someone’s lifetime
Life estates
Ownership for an undetermined length of time; an example is home ownership.
Freehold estates
An estate for a limited time (e.g., renting, leasing)
Leasehold estates
An estate for a specified time: (e.g., days, months, years)
Estate for years
An estate that renews itself automatically at the end of each lease period
Periodic estate
An estate for an unknown period of time; either party may terminate the lease by giving notice to the other.
Estate at will (a.k.a. tenancy at will)
A wife’s interest in the real estate owned by her deceased husband; a form of legal life estate
Dower
A husband’s interest in the real estate owned by his deceased wife; a form of legal life estate
Curtesy
The power of the state to claim property when the owner dies without a will and without heirs or creditors
Escheat
A type of estate that gives the owner special rights in property used as a family home (not valid in all states)
Homestead
The person receiving title upon the death of the life tenant
Remainderman
Fee simple present interest in conjunction with receipt of title upon the death of the life tenant
Remainder interests
Right of repossession of the property by the owner after the end of the life estate
Reversionary interest
With a fee simple _____ estate, the property holder owns the property with all legal rights, but subject to a condition. If the condition is breached, the property may go back to the original owner.
Fee Simple Defeasible
A type of fee simple defeasible, this ends automatically when the stated event or condition occurs. The original owner retains a possibility of reversion. Property is retained “while,” “during,” or “so long as” the condition occurs; this is the language most often seen in the deed.
Fee Simple Determinable
A type of fee simple defeasible, and also known as a fee on condition, this is created when an estate is given on the condition that the owner does or doesn’t take a specific action. The grantor has the right of reentry if the condition is violated. The estate doesn’t automatically revert to the original owner; it may require legal action on the part of the original owner.
Fee Simple on Condition Subsequent
Evidence of ownership of a property
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