Term
| 4 types of freehold estates with possessory interest |
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Definition
- fee simple estate
- life estate
- fee simple defeasible estate
- future estates
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Term
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Definition
| person has complete ownership for an unlimited durations to do with the property as he or she legally chooses |
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Term
| Fee simple defeasible estate |
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Definition
| An estate in which ownership is automatically terminated upon the happening of a particular event, and the property reverts back to the grantor or a third party. |
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Term
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Definition
| Title is held by the grantor or a third party but subject to a holder of a life estate to the possession, use, and ordinary profit (not to waste estate assets) derived from the property for the duration of the life tenant's life or the life of another party. Absolute title passes to the third party or grantor upon the life tenant's death. |
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Term
| future interests (definition and 2 types) |
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Definition
- A future interest is a nonpossessory interest where the right to possession and use is postponed to a possible future time.
- Reversion interest -- Owner of a fee simple interest transfers an interest which, when terminated, reverts to the owner.
- Remainder interest -- Owner of a fee simple transfers a lesser estate, such as a life estate, to his son with title to his grandchildren. The grandchildren have a remainder interest, with full title passing to them upon the expiration of the life estate interest.
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Term
Leasehold estates - four types
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Definition
nonfreehold estates with possessory interest
- Tenancy for years -- A lease for a specified duration
- Tenancy from period to period -- (periodic tenancy) - A lease that is automatically renewed for the same fixed period until the lease is terminated.
- Tenancy at will -- A tenancy that simply continues with permission of the landlord. Until treated as a periodic tenancy, a tenancy at will can be terminated by either party without notice.
- Tenancy at sufferance -- A tenancy without consent of the landlord. Since the tenant is technically a trespasser, the landlord can terminate the tenancy by eviction.
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Term
| 2 types of nonpossessory interests |
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Definition
- easements- The right of a person to make limited use of another's realty, usually without taking anything from it, or possession of it.
- license-A revocable right to come upon another's land, usually to enjoy it or perform a function.
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Term
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Definition
- Appurtenant -- An easement created especially for use in connection with an adjacent piece of realty.
- in gross -- An easement created especifically for use in connection with a single tract of land.
- Profit -- An easement for a party to go upon another's realty and take part of the land or product of the land.
- Grant -- a conveyance by contract or deed.
- Implication -- This is created when parties demonstrate, by circumstances that indicate implied consent, that an intent to create an easement exists
- Necessity -- This is created by law to allow a party access to a use of another piece of property or part of the realty.
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Term
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Definition
| grantor transfers only what title he has, if any. There are no warranties or guarantees on the title. |
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Term
| 3 Requirements for a valid deed |
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Definition
| a. |
must be in writing; |
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must be signed by the grantor; |
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must include a description of the land. |
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Term
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Definition
| First person to record the deed holds title to the land and takes possession clear of any subsequently recorded liens or transfers. |
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Term
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Definition
| The last BFP (a buyer who does not know of any problems with the land) to take title from the grantor holds the actual title. |
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Term
| Race/notice or notice/race |
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Definition
| The first BFP to record the deed takes title |
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