Present Possessory Estates

Front 1

Fee Simple Absolute

Back 1

1) All the rights an owner can have.
2) To A and his heirs, or To A.
3) Absolute ownership of potentially infinite duration.
4) Devisable (by will) Descendible (by blood) Alienable ( freely transferable)

Front 2

Fee Tail (unlikely)

Back 2

1) To A and the heirs of his body
2) Lasts only as long as there are lineal blood descendants of grantee.
3) Passes automatically to grantee's descendants.
4) Future interest of reversion and remainders.

Front 3

Fee Simple Determinable/ Possibility of reverter

Back 3

1) To a so long as/until/while... upon stated even land reverts to grantor.
2) Potentially infinite, so long as event does not occur. Automatic forfeiture upon stated event.
3) completely transferable subject to condition.
4) FI= possibility of reverter.

Front 4

Fee Simple Subject to Condition Subsequent.

Back 4

1) To A, but if X ever happens, grantor reserves the right to reenter and retake.
2) Potentially infinite as long as the condition is not breached and thereafter until the holder of the right to reentry timely exercises the power of termination.
3) Completely transferable subject to condition.
4) FI= right of entry, power of termination.

Front 5

Fee Simple Subject to Executory Interest

Back 5

1) To A, but if, so long as, until x event, then to B.
2) Potentially infinite so long as event does not occur.
3) Completely transferable subject to condition.
4) Executory interest held by 3rd party.

Front 6

Life Estate

Back 6

1) To A for life, or To a for the life of B.
2) Measurement by the life of grantee or some other life.
3) Completely transferable so long as the measuring life is alive.
4) FI= reversion (grantor), remainder (3rd party).

Front 7

Life Estate Distinguishing Characterstics

Back 7

1) Profits-life tenant is entitled to all ordinary uses and profits from the land.
2) Waste- LT who holds present interest must not commit waste or harm future interest.

Front 8

Types of Waste

Back 8

1) Intentional- Over acts to ruin land.
2) Permissive- land is allowed to fall into disrepair or LT fails to reasonably protect it (weather/taxes)

Front 9

Exceptions to Waste

Back 9

1) Resources- lands prior use, or only use is for exploitation of natural resources.
2) Grant- life tenant was expressly granted the right to commit waste.
3) Maintenance- Life tenant consumes natural resources to maintain the premises or make reasonable repairs.
4) Timber- in WA, if the lands only use is timber, it is not waste to cut timber unless the parties agreement it is waste.
5) Open mines: if mining was conducted on the land before the life estate began the life tenant may continue to operate the mines that are already open, but may not open new ones.