Property Classification Terms

FSA

Greatest possible estate, ownership rights last forever, infinite duration

Life Estate

Lasting for the duration of a life, must terminate, not an estate of inheritance

Life Estate Pur Autre Vie

Held by one person, but measured by the life of another, ends when measuring life ends

Fee Tail

A series of life estates within a family bloodline (Only in Maine, Mass. Delaware, and Rhode Island)

Fee Simple Determinable (FSD)

Durational language, upon state condition automatically vest back to the grantor

Fee Simple Subject to Condition Subsequent (FSSCS)

A future interest in the grantor but must takes steps to re-enter if the condition does/doesn’t happen

Conditional Terms

but if, however if, on condition that, provided that

Durrational Terms

as long as, so long as, until, during, while

Fee Simple Subject to Executory Limitation (FSSEL)

Estate has a future interest in a transferee rather than a future interest in the conveyor

Reversion

future interest the grantor has following a life estate, fee tail, and leasehold

Possibility of Reverter

Name of the future interest the grantor has in FSD

Right of Re-entry/Power of Termination

Follows the fee simple subject to a condition subsequent, Future interest holder must take action to regain possession

Remainder

A future interest in a transferee that is capable of becoming possessory upon the natural termination of the prior estate and is created by the same instrument creating the present possessory estate

Contingent Remainder

The default remainder. If a remainder is created and there is either (1) an express condition precedent or (2) an unascertainable person, the interest is a contingent remainder.

Vested Remainder Subject to Divestment

A vested remainder that may later be defeated by a condition

Shifting Executory Interest

from transferee to transferee

Springing Executory Interest

from grantor to third party

Indefeasibly Vested Remainder

A remainder with no express condition precedent and a future interest in an ascertainable person.

Indefeasible

Not capable of being divested, voided, or undone.

Vested

The future interest holder is capable of taking possession when the time comes. All conditions to taking are known and the holder is ascertainable.

Condition Precedent

Something must happen, before the future interest can vest.

Condition Subsequent

Terminates or defeats an estate that has already vested in the designated taker.

Unascertainable Person

A person who cannot yet be identified.

Term of Years

Expressed language that provides the ending date or means to calculate it, Naturally ends at the end of the fixed terms

Periodic Tenancy:

Express language, implied, or by an operation of law (holdover tenant, SOF), A lease without a definite ending date. The tenancy automatically renews unless one party provides notice.

Tenancy at Will

No fixed term; lasts as long as the landlord and tenant desire. Either party may terminate at any time

Executory Interest

future interest the third party has in FSSEL