10.2 - 10.2.2 Estates in Land
pur autre vie
"For the life of another." A life estate that is created when the grantor conveys the property to a life tenant based on the life of another
What document specifies transfers of ownership and who keeps records of them?
-Deeds -Clerks of deeds
How many types of defeasible fee estates are there and what are their names
2 types: -fee simple determinable -fee simple subject to a condition subsequent
What is the highest form of real estate recognized by law?
A Fee simple estate
Life estate
A freehold estate created for the duration of the life or lives of certain named persons; a non-inheritable estate.
Remainderman
A person who inherits or is entitled to inherit property upon the termination of the estate of the former owner.
Fee simple estate
Absolute ownership of real property; a person has this type of estate where the person is entitled to the entire property with unconditional power of disposition during the person's life and descending to the person's heirs or distributees.
Freehold Estate
An estate of indeterminable duration, e.g., fee simple or life estate.
Fee simple determinable
An estate that will end automatically when the stated event or condition occurs. The interest will revert to the grantor or the heirs of the grantor.
Estate in Remainder
An estate which vests after the termination of the prior estate.
Fee simple absolute
An inheritable estate in land providing the greatest interest of any form of title.
Fee Simple Estate is also known as
FEE SIMPLE ABSOLUTE or FEE ESTATE
What is a determinable fee estate and what is it sometimes referred to as?
Fee on conditional limitation A defeasible fee estate that may be inherited, however, this estate will come to an end immediately upon the occurrence of a designated event with the timing of that event being completely uncertain. The time can be certain to happen or uncertain to happen.
An inheritable estate in land providing the greatest interest of any form of title is known as a/an...? Leasehold estate Estate in Remainder Fee simple absolute Fee simple determinable
Fee simple absolute
Absolute ownership of real property is considered this type of estate...? Leasehold estate Land Estate Fee simple estate Estate in reversion
Fee simple estate
An estate of indeterminable duration is known as a...? Leasehold Estate Freehold Estate Land Estate All of the above
Freehold Estate
What 2 categories can estates be divided into? What do the 2 cover
Freehold Estates - ownership Lease Hold Estates - renting or leasing and typically holds rights of possession but not ownership
Grantors
Give title to Grantee
A freehold estate created for the duration of the life, or lives, of certain named persons, is known as a...? Life estate Leasehold estate Fee simple estate Land estate
Life estate
Devisor
One who disposes of real property by will.
Devisee
One who receives a gift of real property by will.
Estate in Reversion
Property or estate ownership that reverts back to the grantor after a temporary ownership period.
What does the estate in land mean?
The degree, nature, quantity, and Extent of interest in a property
Fee Simple Subject to Condition Subsequent
The estate does not automatically end and revert back to the grantor. The grantor must go to court to assert the right of re-entry.
Reversionary Interest
The interest which a person has in lands or other property, upon the termination of the preceding estate. A future interest.
Life Tenant
The owner of a life estate.
In Texas, the ________
The transfer of title or an interest in real property conveys a fee simple estate by default unless it's otherwise specified in the transfer
Possibility of Reverter
This is a future or contingent interest in a property held my remaindermen by the grantor but subject to a condition that the provision of the determinable fee caused the primary grantee's interest to become forfeited and the interest to revert to the grantor or heirs
Defeasible fee
a fee simple interest that may be defeated when something occurs or fails to occur typically a specified event.