Vocabulary Flashcards
Estates v. Non-Estates
(1) Estates: a right of possession (in the present)
2) Non-Estates: limited rights in land (& no possessory right
Estates (Types)
(1) Non-Freehold Estates: (a) fixed term; (b) Periodic; (c) at-will
(2) Freehold Estates: (a) divisible (by will); (b) descendible (by statute); (c) alienable (can sell)
Non-Estates (Types)
(1) Easements: the right to do something on someone else’s land
(2) Profit: the right to extract something form someone else’s land
(3) Covenant: promise relating to land
(4) Rent: the right to collect from those in possessopm
Present Estates (Types)
Freehold & Leasehold
Freehold Estates
(1) Fee Simple Absolute; (2) Life Estates; (3) Fee Tail; (4) Defeasible Fee (an interest w/a future interest attached - a fee that can be defeated)
Devisable
can it pass by will?
Descendible
will is pass by statute, if no will?
Alienable
can it be transferred during your life (inter vivos)?
Fee Simple
- “To A and his heirs”
- “To A” = FS absolute
- Characteristics: (1) absolute ownership; (2) freely devisable, descendible, & alienable; (3) no accompanying future interest
FS Determinable
- Words: “so long as”; “until”; “upon violation of condition”
- Future Interest: possibility of reverter
- Created by Grantor (has future interest)
- Automatic
FS Subject to Condition Subsequent
- Words: “on condition that”; “but if”; “w/a right to reenter”
- Future interest: Right of Entry (must be specifically stated in grant)
- Created by Grantor
- action must be taken by Grantor
FS Subject to Executory Interest
- Words: “So long as…”; “until…” + “and if not, then to B”
- Future Interest: Executory Interest
- Created by 3rd Party
- Automatic
Future Interests
- Created in GRANTOR: (1) Possibility of Reverter; (2) Right of Entry; (3) Reversion
- Created in OTHER: (4) Remainder; (5) Executory Interest
Possibility of Reverter
- follows a FS determinable - grantor has future interest
- ex: To A and her heirs so long as the property is used as a church building
Right of Entry
- follows a FS Subject to Condition Subsequent - grantor has future interest
- To A & her heirs, but if property is no longer used as a church, I may take it back
Reversion
- follows any other interest given by grantor which is of lesser duration than he owns
- ex: “to A for life” or “to A for 10 years”
Remainder
- follows a Life Estate (if certain rules are met)
- RULES: (1) Creation: same time/instrument as prior estate; (2) prior estate = life estate; (3) must NOT cut short prior estate; (4) no time-gap
- 2 Types: contingent & vested
Contingent Remainder
(1) the taker is unascertainable; OR
(2) there is an expressed condition precedent
Vested Remainder
taker is ascertainable, no conditions must be met
Executory Interest
- future interest created in someone other than the grantor
- cuts off prior interest (unlike remainder)
- 2 Types: Shifting Executory Interest & Springing Executory Interest
Shifting Executory Interest
- “to A until ___, and then to B”
- 2 interests: 1 present, 1 future, & shifts when condition violated
Springing Executory Interest
- “to A, to take possession on _____.”
- Grantor keeps interest until Grantee fulfills a condition then gets cut short
Fee Tail
- “To A and the heirs of her body”
- Purpose: keep the land in the family indefinitely
- DEAD now FEE SIMPLE ABSOLUTE
Life Estate
- “To A for life”
- A = measuring life, A owns the estate
