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9 Cards in this Set
- Front
- Back
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Estate |
Degree, quantity, nature, and extent of interest a person has in real property which are freehold and non freehold/ leasehold estates |
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Freehold estate |
Ownership estate and are of indeterminable length ( a lifetime or forever) |
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Leasehold |
Estates are possessory estates for a fixed term of years |
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Fee simple (freehold estate inheritable) |
Highest type of ownership
It is alienable, inheritable and dividable |
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Defeasable Fee Estate (freehold estate inheritable) |
An estate in which the owner has fee simple title that may be stripped away upon occurrence or non occurrence of a specified act or condition. |
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Types of defeasable fee Estates: |
Determinable Fee: property reverts back to grantor when resriction is not complied with
Fee Simple Subject to Condition Subsequent: Property reverts back to grantor through court action when restriction is not complied with
Fee Simple with Executory Interest: estate with ristriction or qualification if met or violated, ownership goes to 3rd party ( estate in remainder) |
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Conventional Life Estates: (Freehold Estate not Inheritable:) |
Ordinary Life Estate: based on the life of the owner. Estate terminates upon the death of whom the estate was granted to. Pur Autre Vie: duration of life estate is based not upon the owners life but instead a life of another |
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Remainder Interest: |
Est. By grantor through deed or will upon death if the designated person the title will pass to an indicated third party. |
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Reversion: |
Upon death of designated person the title reverts back to grantor. Of grantor dies life estate terminates. |
