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15 Cards in this Set
- Front
- Back
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power of escheat
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no one legally eligible to receive title of property, sate takes title.
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intestate(without will) succession
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owner dies without a valid will the property is distributed according to statues of intestate succession.
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estate
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interest in property sufficient to give thw owner of the estate roght to possession of property
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freehold estates
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estates of inheritance. interest in land for a lifetime.
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fee simple estates (inhert)
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greatest form of ownership in real property. fee denotes inhertitability.
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bundle of rights
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provides certain rights in fee simple absolute. right to possession, right of quiet enjoyment, right to dispose of property by sale gfit or will, right to control use of property w/in use of law. right to profits.
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fee simple determinable (inhert)
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title can be terminated by grantor. will automatically revert to grantor or grantors heirs if not used for purpose specified in conveyance. also DEFEASIBLE."so long as"
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fee simple subject to a condition subsequent (inhert)
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conveyed with condition. but will not automatically revert to grantor, go to court. also DEFEASIBLE, QUALIFIED FEE ESTATE, CONDITIONAL FEE ESTATE. "so long as"
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estates pur autre vie (for the life of another) (inhert)
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measured by the lifetime of a person other then person receiving title. A granted property to B as long as C is alive. when C dies D gets property. If B dies before C it goes to B's heirs.
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life estate
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non inhertitable freehold estate
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life tenant
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one who holds life estate. has right to profit as long a don't waste or damage property.
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revisionary interest
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will revert to grantor or his heirs upon death of life tenant.
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remainder man
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has a remainder, or future, interest in property. after death of life tenant title reverts to remainderman who would have title in fee simple absolute.
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marital life estate
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statute provides for a life estate to the surviving spouse in one third of the property owned in severality by deceased spouse.
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estovers
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using land resources for purpose of property.
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