Real Property

Front 1

Fee simple absolute

Back 1

Must be fully alienable
Transfer restrictions are void, like a restriction on the sale
Conditions are allowed, different than transfer restrictions
NOTE: grant of right of first refusal ok

Front 2

Life Estate

Back 2

May arise expressly or impliedly
Life Estate is NEVER measured by time, only by life
Grantee's life is usually the measuring life, but a third party could sometimes be the measure (Pur Autre Vie)

Front 3

General rule on Life Estate grantee dying before the measuring life

Back 3

If the life estate grantee dies before the measuring life dies, it passes to the grantee's estate

Front 4

Restrictions on Life estate transfers

Back 4

Modern rule ALLOWS restrictions on the transferability of life estate

Front 5

The Law of Waste (important)

Back 5

Voluntary, Permissive and Ameliorative Waste
Life tenant maintains the estate
Maintains expresses a maximum and minimum of what the life tenant can do on the land.

Front 6

Voluntary Waste

Back 6

Any affirmative action beyond the right of maintenance that causes harm to the premises.
Maintain means normal use of the land.
Life tenant may be liable to future interest holder for voluntary waste.

Front 7

Permissive Waste- Failure to Maintain; Three obligations

Back 7

Repairs, Pay all taxes, Pay interest on a mortgage (but not the principal, the holder of the future interest must pay this)

Front 8

Permissive Waste- Repair requirement (and limitations)

Back 8

Life tenant has an obligation to make ordinary repairs but NOT replacement.
Repair obligation is limited to the amount of rents and profits received from the land
If no rents or profits, then repair obligation is limited to the reasonable rental value IF the life tenant is using the land. Otherwise, no obligation.

Front 9

Ameliorative Waste

Back 9

When the life tenant alters the property but increases the value of the property.
If changed conditions have made the property relatively worthless, THEN the life tenant can alter the property without incurring liability to the future interest holder.

Front 10

Seisen

Back 10

Holder of seisen is the tax payer. There must be a holder of seisen at all times under all possible circumstances.

Front 11

Waste

Back 11

As a life tenant you are a caretaker. Which means you must give the property to the next holder as you got it. You cant even make it more valuable unless changed conditions have made a property uninhabitable or mineral minds doctrine applies.

Front 12

Mineral Mines doctrine

Back 12

If an activity using the natural reasources of the property was going on before you got your life estate, you can continue you it. This applies to trees or minerals But again it most have been going on before.

Front 13

Hold a right of reentry or possibility of reverter

Back 13

You can give them to others.