Common Law Estates And Interests

Front 1

Fee Simple Absolute

Back 1

Duration: Infinite
Default Unless

Front 2

Fee Simple Determinable

Back 2

Estate Shall Automatically end at the occurrence or nonoccurence of some event.

Absent Words to the contrary present possessory estate followed by a possibility of reverter in the grantor.

Front 3

Possibility of Reverter

Back 3

The chance that the property might return to the grantor if the condition subsequent in a FSD happens.

Front 4

Fee Simple Subject to a Condition Subsequent.

Back 4

May hold it forever, but MAY lose it if condition subsequent happens. Grantor must assert right of reentry.

When it doubt favored over FSD because courts dislike forfeiture.

Front 5

Words to create a Fee Simple Determinable

Back 5

during, while, unless, or until

Front 6

Words to Create a Fee Simple Subsequent

Back 6

Provided that, provided, however, but it, or condition that

Front 7

Fee Simple Subsequent to an Executory limitation

Back 7

Same as FSD or FSS only goes to a third party.

Front 8

Reversion

Back 8

Future Interest retained by the grantor IF transfers an interest less than the one he owns to another.

Front 9

Remainder

Back 9

Future interest that follows after interest and estate prior to it terminate or fail.

Prior interest must not be held in FSA.

Follows the NATURAL termination or a prior interest or estate, does not cut it short.

No gap in time between possessions.

Front 10

Executory Interest

Back 10

Future Interest in a Third party that cuts shot a prior estate.

Property passes to third party rather than grantor

Front 11

Condition Precedent

Back 11

An event that must occur or fail to occur before an interest becomes vested (remainder) or possessory (executory interest).

Front 12

Vested Remainder

Back 12

1. Owned by an ascertained person
2. Not subject to a condition precedent.

Front 13

Contingent Remainder

Back 13

Ascertained or subject to condition precendent.