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51 Cards in this Set
- Front
- Back
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Grantor |
The person who is conveying (granting) an interest in the land to someone else. "O" Unless otherwise indicated, O is the sole owner of all possible interests in the land. |
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Grantee |
"A" stands for the person to whom O is conveying, the grantee, in "O to A" The person receiving the grant from O. |
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Devisee |
A person receiving real property by will. Devisees are beneficiaries under a will. |
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Intestate |
A person who dies without a will. |
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Devise |
To pass along real property (will will). |
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Convey |
Giving away property or by selling the property. A person "conveys" land when that person transfers it to someone else. The land can be conveyed by sale or by gift. In either case, the transaction is a "conveyance." |
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Sell |
is a type of conveyance. |
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Heir(s) |
Receive property through intestate. (No will). |
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Heir(s) Apparent |
People who would be a heir if the person were to die currently. |
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Issue |
A term for a person's children and grandchildren. |
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Collateral |
Remaining family (not children nor parent). |
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Testate |
Person who dies with a will. |
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Escheat |
Real property that goes back to the state. |
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Bequeath/ Bequest |
To "bequeath" is to pass personal property by will. A decedent who dies testate "bequeaths' his or her personal property to those named in the will. The property itself is call a "bequest."
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Possessory Estate |
The owner of the right to possess the land now, in the present, owns the possessory estate. |
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Future Interest |
The owner of the right to possess the land in the future owns a future interest in the land. |
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Nature of Possessory Estate |
The estate system is able to divide land ownership into time periods. The "nature" of the possessory estate tells us the DURATION of that estate. -fee simple -fee tail -life estate -term of years |
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Fee Simple *Freehold estate |
Largest of these estates Has no inherent ending- no ending that is built into the estate by its very "nature". The owner of a fee simple can keep the land forever, can sell it or give it to someone else who can keep it forever, or can devise it to someone who can keep it forever. O to A and [his or her] heirs. *A fee simple wil NOT end naturally |
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Fee Tail *Freehold estate |
O to A and the heirs of [his or her] body. If O conveys an estate to A in fee tail, A possesses the land right now, but A cannot sell or give or devise the right to possession after A's death. Instead, when A dies, the land passes automatically to A's issue (A's next lineal descendants) regardless of whether A has a will, and can do nothing that would prevent the land from passing to his or her issue. |
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Life Estate *Freehold estate |
O to A for life. The owner of a life estate has only the right to possess the property in his or her lifetime and cannot sell, give or devise the right to possess the land after the owner of the life estate dies. However, a life estate does not pass to the owner's issue (lineal descendants) on death. Instead, the life estate simply ends. |
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Terms of Years Non-free hold estate |
O to A for 10 years. Commonly known as a lease. |
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Seisin |
The right to possession of land accompanied by particular responsibilities such as the payment of taxes |
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Absolute |
EX: fee simple absolute. Tells us that the estate has no limitations at all. No limitations inherent in its very nature (because the estate is a fee simple) and no further limitations added by the grantor. *Only fee simple can be "absolute" because only a fee simple can have no limitations of either kind. O to A and [his or her] heirs. State of title: A has a possessory estate in fee simple absolute. |
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Defeasible Estate |
Ex: A grantor who wants the land back if the grantee (A) ever gets a divorce. This added limitation would make the fee simple a defeasible estate, a "fee" that is capable of be "defeased" (ended) by the occurrence of a particular event. |
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Determinable limitation |
O to A and her heirs so long as A does not divorce. O to A and her heirs until B reaches 30. A determinable estate will end automatically upon the happening of limiting event. The grantor won't have to do anything. An estate is determinable if the grantor has described its duration as measured by some temporal limitation. Limitation part of A's estate. -until -so long as -while -during -The limitation "determines the duration of the estate conveyed. -The limitation is placed BEFORE the punctuation mark signaling the end of the description of A's estate. |
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Estate *subject to a condition subsequent |
O to A on condition that A does not divorce and if A divorces then to O. O to A and her heirs, but if B reaches 30,then to O. An estate whose natural length may be cut short by the happening of a particular even or condition allowing the grantor to retake the property. The event is described as part of another party's future interest rather than as part of the estate it may cut short. Will NOT end automatically upon the happening of the limiting event. -but if -provided that -on condition that -however All of these indicators place the first mention of the limitation in the description of the next estate's(O's) (subsequent) -The limitation is placed AFTER the punctuation mark signaling the end of the description of A's estate. |
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Fee Simple determinable |
-UNTIL -WHILE -SO LONG AS -DURING |
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Fee Simple Subject to a Condition Subsequent |
-BUT IF -PROVIDED THAT -ON CONDITION THAT -HOWEVER |
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Kind of Future Interest Fee Simple Absolute |
NONE! No future interest follows a Fee Simple Absolute. |
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The Grantor's Future Interest following an Estate That Ends Naturally (Reversion) -Reversion |
O to A for life. A has a possessory estate in life estate; O has a reversion. The future interest that follows an estate that ends naturally. It indicates that the possessory interest in the land, which formerly was in the grantor, will revert BACK to the grantor again when A's estate naturally ends. "Wait patiently" until A's possessory "ends naturally". O's reversion will not interrupt A's possessory estate, causing it to end earlier that it otherwise would. It waits patiently until the natural time span of the possessory estate expires |
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The Grantor's Future Interest Following a Determinable Estate (Possibility of Reverter) -Reverter |
Grantor's future interest following a determinable estate. Since A's estate will end automatically if the triggering event occurs, we say that O's possibility of reverter "waits patient;y" to see if the event will occur. -Does not interrupt A's determinable estate -end upon occurrence of even set forth in description of A's estate. O "wait patiently". |
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The Grantor's Future Interest following an Estate Subject to a Condition Subsequent (a right of entry) -Right of Entry |
O to A and her heirs; however, if the land is not used for a library, then to O. Name for the future interest that follows an estate subject to condition subsequent. -O's right of entry WOULD INTERRUPT the prior estate if the described event occurs. -The limitation is placed in the description of O's reversion, so the reversion could cause the possessory estate to end earlier than the possessory estate naturally would have ended. ** does not automatically revert to the grantor The grantor must take some action to enforce the right to enter into possession --"right of entry" |
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Remainder |
O to A for life, then to B. A future interest given to another grantee following an estate that will end naturally (inherently) |
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Reversion |
O to A for life, then to O. Future interest in grantor *considered vested |
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Vested and Contigent Remainders -Vested |
-Certain to become possessory -Given to an ascertained person -born -identifiable -NOT subject to a condition precedent |
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Contingent |
-Given to un-ascertained person - Subject to a condition precedent A remainder is contingent if the holder is NOT ascertained. |
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Condition Precedent |
O to A for life, then to B if B has reached 21. -Something that must be satisfied before the future interest can become possessory (other than mere natural ending of possessory estate) -Stated within the description of a particular estate that creates the remainder -must be met before the remainder is ready to become possessory |
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Alternative Contingent Reminders |
Contingent Remainders are "alternative" when they each follow the same estate and when their conditions precedent are the opposite of each other, so that the vesting of one precludes the vesting of the other. |
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Vested Remainder Subject to Open |
When a vested remainder is held by one or more living members of a group or class that may be enlarged in the future. O to A for life, then to A’s children. (A currently has 1 child) |
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Vested Remainder Subject to Divestment |
When a vested remainder is burdened by a subsequent condition that could prevent the vested remainder from becoming possessory, we can describe that vested remainder as subject to divestment. O to A for life, then to B. O to A for life, then to B, but if B does not survive A, then to C. O to A for life, then to B, but if B fails to tend to A’s grave once yearly after A’s death, then to C. -Could the divesting condition happen before B’s vested remainder becomes possessory?No; not subject to divestment |
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A Determinable Estate followed by an Executory Interest -Executory Interest |
O to A, then to B. B Future Interest (not following an inherently ending estate) Given to Subsequent Grantee |
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Subject to an Executory Limitation |
"Possessory estate" interest that follows a fee simple determinable |
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Shifting Executory Interest |
Follows an estate in the grantee. •O to A, but if A leaves Arizona, to B. |
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Springing Executory Interests |
Divests an estate in the grantor. •O to A for life, then to B 3 years after A’s death. |
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Rule in Shelley's Case |
O to A for life, then to A's heirs. O to A for life, then to A. Prevents a grantor from using the same document to convey -an inherently limited estate to a grantee -a remainder to that grantee's heirs. If the Rule is broken, the remainder to the grantee's A-possessory estate in life A-vested remainder in FSA |
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Doctrine of Worthier Title |
O to A for life, then to O's heirs. O to A for life, then to O. This Rule prevents a grantor from using the same document to convey -an inherently limited estate to grantee, and -a remainder or executory interest to that grantor’s heirs. If the Rule is broken, the conveyance to the grantor’s heirs is read as a conveyance to the grantor. A-possessory estate in life estate O-reversion in FSA |
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Rule Against Perpetuities |
No interest is good unless it must vest [and close] if at all, not later than 21 years after some life in being at the creation of the interest. look for** 3 Vulnerable Interests -contingent remainders -vested remainders subject to open -executory interests |
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Look for RAP "Danger Signs" |
(1)O to A, but if the land is ever used for commercial development, then to B. (2) O to A for life, then to B and his heirs if the Cubs win the World Series. (3) O to A, then to A’s grandchildren. (A has one grandchild.) |
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Apply The Rule |
1. Determine state of the title; 2. Identify vulnerable interests in grantees, if any. (contingent remainders, executory interests, VRs subject to open); 3. Identify what must happen to cause the interest to vest and close; 4. Identify all lives in being; 5. Decide if the future interest might still be contingent or open longer than the lifetimes of everyone circled + 21 yrs; 6. If so, strike the violating future interest. |
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RAP |
O to A, but if the land is ever used foranything other than farming alfalfa, then to B. A has possessory estate in fee simple subject to an executory limitation.B has a shifting executory interest in fee simple absolute. O to A. A has possessory estate is FSA. |
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Modern Reforms |
1. Wait-and-see. An interest is void if it does not actually vest within a life in being plus 21 years. --Not determined at creation of conveyance -Determined by events as they actually happen2. Uniform Statutory Rule Against Perpetuities. An interest is valid if it (a) satisfies RAP or (2) it actually vests within 90 years after its creation. |
