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8 Cards in this Set
- Front
- Back
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PROPERTY - Freehold Estates
Fee Simple |
Fee simple is a freehold estate whose duration is potentially infinite. It roughly corresponds to the layperson’s understanding of “ownership.” The most common form is fee simple absolute, the largest aggregation of property rights recognized under American law. At one time, it was necessary to use special language to create a fee simple (e.g., “to A and his heirs”), but today informal language such as “to A” will suffice in most states.
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PROPERTY - Freehold Estates
Fee Tail |
The fee tail is a largely-obsolete freehold estate whose duration is measured by the lives of the lineal descendants of a designated person. For example, if O granted Greenacre “to A and the heirs of his body,” this created an estate that would endure as long as A’s bloodline continued.
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PROPERTY - Freehold Estates
Life Estate |
The life estate is a freehold estate whose duration is measured by the lives of one or more specified persons. For example, a grant “to A for A’s life” creates a life estate in A for as long as he lives. Alternatively, the duration may be measured by the life of a person other than the grantee (e.g., “to A for B’s life”); this is called a life estate pur autre vie.
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PROPERTY - Freehold Estates
Types of Defeasible Estates (fee simple determinable) |
fee simple determinable automatically expires at a stated time, immediately giving the holder the right to possession. For example, if O grants land “to A for so long as used as a park,” and the park use ceases, then title immediately revests in O.
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PROPERTY - Freehold Estates
Types of Defeasible Estates (fee simple subject to a condition subsequent) |
fee simple subject to a condition subsequent does not automatically expire when the triggering condition occurs; rather, the future interest holder must take affirmative action to end the estate. For instance, if O grants land “to A, but if not used as a park, then the land shall return to me,” and the park use ceases, O must take action to end A’s estate, such as by filing suit against A
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PROPERTY - Freehold Estates
Types of Defeasible Estates (fee simple subject to an executory limitation) |
fee simple subject to an executory limitation automatically expires when a stated event occurs, but gives the right to possession to a transferee (e.g., “to A, but if the land is not used as a park, then to B”). Defeasible life estates may also be created, but are less common.
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PROPERTY - Freehold Estates
Rule Against Restraints on Alienation |
Any total or “absolute” restraint on alienation of a fee simple is null and void. For example, if O conveys land “to A, but if A ever attempts to sell the land, then to B,” a court would find the restraint void; thus, A owns fee simple absolute and B has no interest. Partial restraints on alienation of a fee simple may be allowed if reasonable in nature, purpose, and duration.
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PROPERTY - Freehold Estates
Restriction on Use: Waste |
A person who holds an estate subject to a future interest may not commit waste. Affirmative waste occurs when the voluntary acts of the present estate owner significantly reduce the value of the property (e.g., destroying a valuable house). Permissive waste stems from inaction: the failure of the estate owner to exercise reasonable care to protect the estate (e.g., failing to fix a leaky roof).
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