Real Estate - Fee Simple

Front 1

Fee simple estates - rights

Back 1

Complete ownership – highest type of interest in real estate

Front 2

Fee simple – fee- simple absolute

Back 2

All the same
Do whatever as long as
Not violate:
Public land use policy
Deed restriction
Right of others

Front 3

Fee simple defeasible – qualified fee estate

Back 3

Owner must stay qualified by following deed restrictions imposed by estate of the previous owner

Front 4

Fee simple w/condition subsequent

Back 4

Some action/activity that the new owner must not perform

Front 5

Fee simple determinable

Back 5

Requires some action/activity- so long as it continues – or reversion (return to previous owner) – no law suit necessary

Front 6

Life Estate

Back 6

Estate is limited to the life of the owner

Front 7

Conventional life estate

Back 7

Owner retains a reversionary interest in the property. (Man deeds to mom – but on death his children get property)

Front 8

Life Estate – pur autre vie

Back 8

Like Convention life but a 3rd party is the measuring stick – when 3rd party dies estate goes to remainderman

Front 9

Remainderman interest

Back 9

This interest could be sold

Front 10

Revisionary Interest

Back 10

Interest returns to grantor – if the grantor is dead – interest goes to heirs

Front 11

Dower & Curtsey

Back 11

wife’s right to a life estate of a husband/ husband's to wife

Front 12

NC Intestate Act – distribution of property of intestate person eligible heirs - no heirs goes to NC

Back 12

NC abolished dower, curtsey & marital life estates