Property Law

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Fee simple absolute

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absolute ownership of infinite duration Words of limitation = “to A” or “to A and his heirs” Freely alienable and no future interest

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Defeasible fee

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Defeasible fee

-Fee Simple determinable

FS subject to condition subsequent

FS subject to executory interest

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FS determinable

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FS determinable (FSD)o “For so long as,” “while,” “during,” “until”o Terminates upon happening of a stated evo Alienable, devisable, & descendible, but sujust purpose)o Grantor retains possibility of reverter

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FS subject to condition subsequent

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Upon condition that,” “provided that,” “but if,” or “if it happens that”o Grantor reserves right to terminate estate upon happening of a stated event (intent to terminate)o Grantor must use clear durational language and specifically mention right to reenter (devisable/descendible)

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FS subject to executory interest

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To A, but if X event occurs, then to B”o Terminates upon happening of stated event & land passes to third partyo If condition is broken, estate automatically forfeited in favor of third partyo Third party has shifting executory interest

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Life tenant duties

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Right to possesso Right to collect rents/profits, lease/sell/mortgage (must pay taxes on income or rental value of land)o Duty not to commit waste

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Joint tenancy (JT)

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Express language creating JT, two or more tenants own with ROS & interest is alienable (but not devisable/descendible)Four unities (PITT) o Equal rights to possess the wholeo With identical equal interestso At the same timeo By the same title Severanceo Sale (don’t need consent, severs JT as to seller but non-transferees remaino Partition (voluntary agreement, judicial action, or forced sale)o Mortgage (severs JT under title theory, but not under lien theory) Tenancy by entirety (TE)

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. Tenancy by entirety

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JT with ROS Must be married Protected from creditors of only one spouse Neither can unilaterally defeat ROS by conveyance to third party

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Concurrent estate duties

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Co-T in exclusive possession not liable for rent/profits unless ouster Can collect for operating expenses No contribution of reasonable repairs/improvements (unless accounting/particiton)

Liable for third paryt rent

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Future interests (FI)

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gives holder a present, legally-protected right or possibility of future possession of an estate 1. Reversion Arises in grantor who transfers estate less than he owns other than an FSD or FSSCS (usually a LE or estate for years), and not subject to RAP 2. Possibility of reverter Automatically reverts to grantor upon occurrence of stated event when FSD conveyed 3. Right of reentry Held by grantor after FSSCS granted 4. Remainder FI that becomes possessory upon expiration of prior estate of known fixed duration created in same conveyance in which the remainder is created 5. Vested (not subject to any conditions precedent and created by ascertainable grantee) Subject to open o At least one member in class qualified to take possession, so each class member’sshare subject to partial diminution because additional takers not yet ascertained canstill vest, rule of convenience closes class when any member entitled to immediatepossession Subject to complete o Occurrence of condition subsequent completely divests remainder 6. Contingent Unascertainable grantee or if subject to express condition precedent to grantee’s taking (because of unknown beneficiary or known beneficiary subject to condition precedentnot yet occurred)7. Executory interests FI in third party, not a remainder and cuts prior estate short upon occurrence of specified condition, transferable and subject to RAPo Shifting—cuts short prior estate created in same conveyance, so estate shifts from one grantee to another upon happening of conditiono Springing—divests interest of grantor or fills gap in possession so estate reverts to grantor 8. Transferability Remainders/executory interests transferable inter vivos and devisable/descendible 9. Rule Against Perpetuities (RAP) At the creation of interest, FI must vest or fail by the end of a life in being, plus 21 years

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Tenancy for years

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Fixed period of time Created by express agreement Term > 1 year must be in writing to satisfy Statute of Frauds (SoF) No notice needed because termination date fixed

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Periodic tenancy

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Repetitive, ongoing estate by set periods of time Automatically renews at end of each period unless valid termination notice SoF does not apply Created by express agreement, implication (no mention of duration) or operation of law (hold-over tenant)

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Tenancy at will

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No fixed period of timeParties must expressly agree or regular rent payment will imply periodic tenancyMay be terminated by either party at any time, but reasonable demand to vacate usually required

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Tenancy at sufferance

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T wrongfully holds over past expiration of leaseWrongdoer is given tenancy to permit L to recover rentTenancy lasts until L evicts T or elects to hold T to periodic tenancy

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General warranty

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Present Covenents 1. Seisin (grantor owns land as described in deed)2. Right to convey (grantor has right to sell)3. Against encumbrances (no undeclared encumbrances against land) o Future covenants 4. Quiet enjoyment (grantee not disturbed in possession by third partyclaim) 5. Warranty (grantor will defend grantee against any lawful claims)6. Further assurances (grantor will do whatever future acts reasonably necessary to pass title if later determined title is imperfect)