10.2 Estate in Land

*Pop Quiz* An inheritable estate in land providing the greatest interest of any form of title is known as a /an....?

Fee simple absolute

*Pop Quiz* An estate of indeterminable duration is known as a...?

Freehold Estate

Remainder

A person who inherits or is entitled to inherit property upon the termination of the estate of the former owner.

Estate in Land

>Degree >Nature >Quantity >Extent of the Interest :that has in the property.

Fee simple absolute

An inheritable estate in land providing the greatest interest of any form of title.

*Pop Quiz* Absolute ownership of real property is considered this type of estate....?

Fee simple estate

*Pop Quiz* A freehold estate created for the duration of the life , or lives, of certain named persons is known as a.....?

Life Estate

Estate in Reversion

Property or estate ownership that reverts back to the grantor after a temporary ownership period.

Life estate

A freehold estate created for the duration of the life or lives of certain named persons; a non-inheritable estate.

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.

Devisee

One who receives a gift of real estate by will

Defeasible Fee (Estate): A fee simple interest that may be defeated when something occurs or fails to occur.

(1) Fee Simple Determinable: Conditional Limitation >The defensible fee automatically ends >This may be inherit (DEED) but however this estate will come to an end immediately upon the occurrence of a designated event .(Happens at one point , Unsure when it will happened). >Words like ; "So long as " "Until" "While" or "During" are key to this type of estate.

Estate in Remainder: This Future Interest take on two forms.

(1) Remainder Interest- i. The deed or will that create the life estate names the 3rd party to whom the title will go to on the death of the life estate owner . 1) The 3rd party then owns the remainder interest of estate. ii. Grantee's Remainder Interest is a non-possessor estate. **SOMEONE OTHER THAN THE GRANTOR OF THE LIFE ESTATE** >Reversion Interest-

Life Estate: Created among the agreement of the parties and ownership is limited to the life specified in the life estate. Two Branches:

1) Ordinary Life Estate with Remainder or reversion 2) Pur Autre Vie Life Estate with Remainder or Reversion

Extent of the Interest: States and land can be divided into TWO categories

1)Free Hold Estates 2)Lease Hold Estates

When you create a life estate the original owner , who is creating the estate for another. Must consider the future ownership of the property upon that life estate owners death.

> A Grantee does not have the opportunity to pass on to their heirs > The Grantor retains the rights of who gets the right.

Free Hold Estates: Ownership- Fee Simple :Complete Ownership

> THE HIGHEST the of interest in Real Estate that is recognized by law. >In Texas, the transfer of a title or Real Property conveys a "Fee Simple Estate" by default unless it is otherwise expressed in the transfer.

Fee Simple Subject to A Condition Subsequent :

> The grantor (gives title to grantee) must go to court , to assert the right of re-entry. > The Estate does not automatically ends when then stimulated occurs or not. Key Words; On the "condition that" ,or " provided that" , or" if".

Life Tenant - The Owner if a Life Estate

>Entitled to all of the rights of ownership. >Although cannot perform any acts that will damage the Real Estate.(Waste)

If the specified purpose comes to an end , the title will go back to the original Grantor ,the heirs of the Grantor , or specified 3rd person

>The person to WHOM, the title reverts holds the future /contingent interest in the property so long as the indeterminable fees are in affect. **This future interest is called , A POSSIBILITY OF REVERTED .Its holder is called, THE REMAINDER**

These types of Estates are usually created for a physically or mentally physically incapacitated person.

A deed can be given to a spouse to take over the house as long as the incapacitated person is taken care of .Upon the death of the incapacitated person , the spouse no longer owns the rights of estate to the property.

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 distributes.(Forever Estate, Can be Freely devised by Will)

Estate in Remainder

An estate which vests after the termination of the prior estate.

Extent of the Interest

Are interest and rights in the land are complete and are considered free of state domination excepting the PETE rights.

Pur Autre Vie Life Estate with Remainder or Reversion

Created when the grantor conveys a property to a life tenant based on the life of another .**The Estate ends when the death of the other occurs**

Devisor

One who disposes of real property by will.

Lease Hold Estates

Renting or Leasing property

Reversionary Interest

The interest which a person has in lands or other property, upon the termination of the preceding estate. A future interest. • When the Grantor of the life estate or the original Fee Simple Owner does not convey , the remainder interest to a 3rd party . Then on the death of the life tenant the ownership of the property goes back to the Grantor or the heirs of Grantor.