Estates in Land Flashcards
defeasible fees
fee simple estates that can be terminated upon the happening of a stated event
Fee Simple Determinable (and Possibility of Reverter)
- terminates upon the happening of a stated event and automatically reverts to the grantor
- created by durational language (for so long as, while, during, or until)
A possibility of reverter is __________, ________, and ________.
transferable, descendible, devisable
Fee Simple Subject to Condition Subsequent (and Right of Entry)
- an estate in which the grantor reserves the right to terminate the estate upon the happening of a stated event
- grantor must take some action to terminate
- created by condition language: upon condition that, provided that, but if, and if it happens that
Most courts hold that a right of entry is not transferable inter vivos, but they are devisable, and all states agree they are
descendible.
fee simple subject to an executory interest
If a fee simple estate terminates upon the happening of a stated event and then passes to a third party rather than reverting to the grantor or giving the grantor a right to terminate, the third party has an executory interest
life estate
estate measured by the life or olives of one or more persons
life estate pur autre vie
life estate measured by a life other than the grantee’s or when a life tenant conveys his life estate to another
doctrine of waste
A life tenant is entitled to any ordinary uses and profits of the land but cannot do anything that injures the interests of a remainderman or reversioner.
affirmative (voluntary) waste
Exploitation of natural resources by a life tenant is generally limited to situations when:
(i) necessary for repair or maintenance of the land;
(ii) the land is suitable only for such use; or
(iii) it is expressly or impliedly permitted by the grantor
open mines doctrine
if mining was done on the land prior to the life estate, the life tenant can continue mining, but it limited to the mines already open
permissive waste
A life tenant is obligated to:
(i) preserve the land and structures in a reasonable state of repair
(ii) pay interest on mortgages;
(iii) pay ordinary taxes on the land;
(iv) pay special assessments for public improvements of short duration
ameliorative waste
a change that benefits the property economically
A life tenant may alter or demolish existing buildings if:
(i) The market value of the future interests is not diminished; and either
(ii) The remaindermen do not object; or
(iii) A substantial and permanent change in the neighborhood conditions has deprived the property in its current form of reasonable productivity or usefulness
4 unities required for joint tenancy
time title interest possession Joint tenants must take identical interests, at the same time, by the same instrument, with the same right to possession