W6 Flashcards
what is transfer by deed
transfer of real property between living people
what is a conveyance or grant
term for the transfer of real property by a living person by deed
what is a grantor
person who makes a transfer of real property by deed
what is a grantee
recipient of a transfer of real property by deed
what is ‘alienable’
whether an estate may be transferred by deed
what is transfer by will
transfer of real property through the will of a deceased person
what is a devise
completed transfer of real property by will
what is a testator/testatrix
person whose will contains a devise
what is a devisee
person who receives transfer of real property by will.
NOTE THAT THE RECIPIENT OF REAL PROPERTY BY WILL IS NOT CALLED AN HEIR, BUT RATHER IS A DEVISEE
what is devisable
whether an estate may be transferred by will
what is transfer by interstate succession
transfer of real property of a deceased person who has no will by operation of law.
what is a descend
transfer of real property by intestate succession
what is an heir
recipient of property by intestate succession
what is descendible
whether an estate may be transferred by intestate succession
what is waste
cause of action for making alterations to the property subject to an estate.
in modern law, most jxs only permit claims for waste that diminish the property’s value.
an estate or future interest is usually transferred in one of three ways:
- transfer by deed
- transfer by will
- transfer by intestate succession
the completed transfer of a deed is called a
conveyance or grant
the person who makes the transfer by deed is the
grantor while the recipient is the grantee
the completed transfer of real property via will is called a
devise
the person whose will contains the devise is the
testator if male or testatrix if female while the recipient is the devisee
if a person dies without a will, her property will be distributed according to state statutes, usually to her closest living relatives. the completed transfer is called
intestate succesion
6 basic freehold estates
fee simple absolute
life estate
fee tail
fee simple determinable
fee simple subject to a condition subsequent
fee simple subject to an executory limitation
the fee simple is freely…. (3)
alienable
it can be sold or given
devisable
it can be transferred by will at death
descendible
it can pass by the laws of intestate succession if the owner dies without a will
fee simple is formed with the words
“to grantee” or “to grantee and his heirs” or “to grantee in fee simple”
fee simple determinable is formed with words of duration such as…
so long as, while, until, and during.
all 3 fee simple estates are defeasible meaning
the estate terminates once the stated duration ends
fee simple absolute words to look out for
to grantee, to grantee and his heirs, to grantee in fee simple
fee simple determinable words to look out for
such as, so long as, while, until, during
fee simple subject to an executory limitation words to look out for
so long as, while, during, until, provided that, but if, or on condition that, BUT will also include an identification of the third party who holds the reverter if the condition is realized.
fee simple determinable reverter
when the duration condition is realized, the estate automatically reverts to the grantee or his heirs or devisees
fee simple subject to a condition subsequent reverter
reversion is NOT automatic, but rather the estate may be terminated at the election of the grantor
fee simple subject to an executory limitation reverter
contains who holds the reverter if the condition is realized in the conveyance.
three estates that are not defeasible
life estate, term of years, fee tail
how is the duration of a life estate measured
by the life of a particular person
what happens when the life tenant dies? (life estate)
reverter kicks in (reversion interest is held by the grantor) OR remainder kicks in (remainder is held by a third party)
what is a term of years estate
an estate granted for a fixed time.
how long does a fee tail exist
fee tails exist for as long as there are lineal descendants
what words of conveyance are used in a fee tail
the heirs of his body
what happens when there are no more lineal descendants
the estate reverts to a fee simple in whomever holds the reversion interest from the original grantor.
what is a future interest
an existing, nonpossessory property right that may become possessory in the future
what future interests are retained by the transferor (3)
reversion, possibility of reverter, right of entry
