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24 Cards in this Set
- Front
- Back
Fee Simple Determinable
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Automatically reverts upon the happening on a stated event
"for so long as", "while" or "until" passive voice is an expression of motive does not create |
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Fee Simple Subject to a Condition Subsequent (and right of reentry)
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Grantor reserves the right to terminate
grantor must take seom action created "upon condition that", provided that", "but if" and "if it happen that" |
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Right of reentry must be
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expressly reserved
non-transferable intervivos, they are devisable, they are descendible |
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Fee Simple subject to a en execturoy interest
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estate terminate upon the happening of a astated event and then passes toa third party, third party has an executory interest
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Life estate pur autre vie
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measured by the life other than the grantee's. can also result when a life tenant conveys his life estate to another
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Types of waste
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Affirmative
Permissive ameliorative |
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Affirmative Waste
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Affirmative - tenant is limited to (1)necessary for repair or maintenance (2) land is suitable for such use (3) expressly or implied permit by grantor.
open mine doctrine, if mining was done prior tenant can continue but limite to open mines |
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Permissive waste
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tenant fails to protect lands. Tenant is obligated to:
(1) preserve land and strucutres in reasonable state of repair (2) pay interest on mortgage (3) pay ordinary taxes (4) pay special assessments for public improvements of short duration No responsible for damage caused by third party tortfeasors |
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Ameliorative Waste
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a change that benefits the proerty economically. Life Tenant can alter or even demolish existing buildings if:
(1) market value of the future interests are not diminished and either (2) reaminderman do not object; or (3) a substantial and permanent change in the neighborhood conditions has deprived the peroperty on it current form of a reasonable productive usefulness |
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Worthless title and life tenant
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May seek a partition sale , the proceeds of which are put in trust with income paid to the life tenant
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Renunciation of life estate
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accelerates future interest
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Reversions
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the estate left in a gramtor
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Remainders
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future interest in a third person
cannot follow a time gap never follows a fee simple |
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Indefeasibly Vested Reaminder
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vested remainder that is not subject to divestemnts or diminuation
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Vested Reaminder subject to open
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vested remainder created in a class of persons
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Vested reaminder subject to total divestment
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vested reamined subject to a condition subsequent
"to B for life and then to C and his heirs but if C dies unmarried then to D and his heirs. |
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Joint Tenancy
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right of survivorship
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Creation of a joint tenancy requires untiy of
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time, title, interest, possession.
They must take indentical interest, as the same time by the same intsrumentwith the same right to possession. |
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Intervivos Conveyance by a joint tenant of her undivided interest
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destorys the joint tenancy, the tranferee takes as a tenant in common. Severenc may not occur where one joint tenant doe snot transfer her entire interet
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Joint tenency and a lien
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Lien does not sever the joint tenancy until it is acutally sold at a foreclosure sale
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Joint tenency and mortgage
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does not sever unless the mortagage is foreclosed and the property is sold
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Tenancy by the entirety
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marital estate akin to joint tenency. A deed or mortgage executed by only one spouse is ineffective
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Tenency in common
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Interests are alienable, devisable adn inheritable, multiple grantees are presumed to take as tenant in common
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Rights and duties of co-tenants
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possession
rent and profits expenses for preservation of property repairs improvements - no right to contribution taxes and mortgages - can be demanded for. |