property final !!!!!

real property

consists of rights in land and things attached to land, such as buildings, fences, and trees

present estate

interest that entitles owner to immediate possession

future interest

non possessory interest that may or will become present estate in the future

alienable

transferable by inter vivos grant (typically by deed)

devisable

transferable by will

descendible

transferable by intestate succession

intestate succession

applicable law when one dies without a will

freehold estates

fee simple absolute

fee simple determinable

fee simple subject to a condition subsequent

fee simple subject to an executory limitation

fee tail

life estate

non free hold estates

term of years

duration of fee simple absolute

potentially forever

duration of life estate

measured by a particular human life

duration of term of years estate

fixed period of time

alternative contingent remainders

contingent remainders crested in the same conveyance, each dependent on the same condition for vesting. If one contingent remainder vests, the other cannot. A contingent remainder followed by a “but if” clause will often be followed by an alternative contingent remainder. When the transferor creates alternative contingent remainders, the transferor retains a reversion.

ascertainable individual

an individual (or defined group) whose identity is certain and who is in existence at the time of conveyance. If, at the time of conveyance, the transferor has one son, then “to my only son” describes an individual whose identity is certain and who is in existence at the time of conveyance. Generally, an ascertainable individual is someone to whom the transferor can point. Individuals who are not certain, or do not exist at the time of conveyance, are unascertainable.

Condition

a set of facts that must be met for an estate or interest to vest, continue, or end.

Condition Precedent

A condition that must be met before a future interest will vest.

Contingent Remainder

a contingent remainder is a remainder that is (i) subject to a condition precedent, or (ii) held by an unascertainable person. A reversion will always follow a contingent remainder (so that someone will hold seisin if the interest fails to vest)

descendible

capable of being transferred pursuant to the laws of intestate succession

devisable

capable of being transferred by will

divest

to “cut short” or terminate an estate before its natural termination. Thus, a life estate is divested (cut short) if it ends before the death of the measuring life.

estate

a possessory interest in land, typically defined by a period of time

executory interest

one of two types of future interest created in a transferee. An executory interest is a future interest that usually divests the preceding estate upon the satisfaction of a condition. When the executory interest follows an interest in a transferee, it is labeled a shifting executory interest; when it follows an interest in a transferor, it is labeled a springing executory interest. Executory interests are alienable, devisable, and descendible.

Fee simple

the largest quantum estate, consisting of a right to ownership both in the present and in perpetuity. A fee simple is fully alienable, devisable, and descendible. Because fee simple interests are fully marketable, they are highly favored; ambiguities regarding the type of estate created are generally resolved in favor of finding a fee simple estate

Fee Simple Absolute

a fee simple interest, specifically a fee simple interest which is not defeasible

Fee Simple Defeasible

a fee simple that may end upon the occurrence of a stated future event. Fee simple defeasible consist of the fee simple determinable, fee simple subject to a condition subsequent, and fee simple subject to an executory limitation.

Fee simple determinable

a fee simple estate that will automatically revert to the transferor when a certain condition occurs or fails to occur. The conveyance’s wording usually contains words of duration: “as long as,” “while,” “until",” or “during.” This estate is alienable, devisable, and descendible. When a fee simple determinable is created, the transferor retains a future interest (representing the right to repossess) known as possibility of reverter.

Fee simple subject to a condition subsequent

a fee simple estate that may be terminated at the transferor’s election when a certain condition occurs or fails to occur. The conveyance usually contains words introducing the condition that divests the transferee of the estate: “provided that,” “but if,” or “on condition that.” Modernly in most jurisdictions, where the type of defeasible fee is ambiguous, a fee simple subject to a condition subsequent is presumed. This estate is alienable, devisable, and descendible. When a fee simple subject to a condition subsequent is created, the transferor retains a future interest (representing the right to elect to repossess) known as a right of entry.

fee simple subject to an executory limitation

a fee simple defeasible estate where the right to repossess (upon the occurrence or nonoccurrence of a condition) is created in a third party, regardless of whether repossession is automatic or by election, the estate created is a fee simple subject to an executory limitation. The future interest held by the third party is always an executory interest, regardless of whether it becomes possessory automatically or by election. The fee simple subject to an executory limitation is alienable, divisible, and descendible.

fee tail

an estate that provides the transferee and the transferee’s direct lineal descendants present possession so long as the transferee’s bloodline continues. The transferor retains a future interest known as reversion, which becomes possessory should the transferee’s bloodline fail. The holder of the present possessory interest may only alienate the right to possession during the holder’s life. This interest is not devisable. It is descendible only to lineal descendants in the manner described in the fee tail grant

future interest

an interest in an estate that is not yet possessory, but that may become possessory at some time in the future. The holder of a future interest does not have some of the traditional property rights (such as the right to posses, occupy, or exclude), but does have a protected interest in future possession of the property.

Hiers

a person who is entitled to receive property upon the death of an individual. A living individual has no heirs, only “heirs apparent.” Inter vivos conveyances to an individuals heirs are somewhat problematic, since those individuals are only ascertainable at the individual’s death.

Inter vivos transfer

a transfer of a property interest made during life

Doctrine of Latches

a doctrine applicable in various jurisdiction that requires an interest or right to be asserted within a certain amount of time or else it is extinguished

life estate

an estate whose duration is measured by a particular human life. A life estate is alienable, but because it terminates on the death of the individual, it is neither devisable nor descendible.

Life estate pur autre vie

a life estate held by one individual which is measured by the life of another. Pur autre vie is latin meaning “during the life of another.” If a life estate is alienated, the new owner receives a life estate measured by the original owner’s life. A life estate pur autre vie is alienable, devisable, and descendible; but ends upon the death of the original measuring life.

possibility of reverter

a future interest created in the transferor upon the conveyance of a fee simple determinable. A possibility of reverter automatically becomes possessory upon the occurrence or nonoccurrence of the limiting event. In most jurisdictions, a possibility of reverter is alienable, devisable, and descendible, although a few jurisdictions restrict the alienability of this interest. A possibility of reverter can only be retained by the transferor (or transferors heirs), and cannot be created in a transferee.

Present possessory interest

a present interest that is possessory, and which usually includes traditional property rights such as the right to possess, occupy, and exclude. The temporal extent of the present possessory interest, in part, governs the scope of dominion and control. The shorter the possessory period, the more weighty the rights of future interest holders.

remainder

a remainder is a future interest held by a transferee which (i) is capable of becoming possessory immediately upon the expiration of the prior estate and (ii) cannot divest any interest in a prior transferee. Remainders are freely alienable, devisable, and descendible. A remainder cannot follow a vested fee simple. Remainders are either vested or contingent.

reversion

the interest remaining in the transferor after conveying away less than her entire interest. A reversion will always follow a contingent remainder.

Right of entry

a future interest created in the transferor upon the conveyance of a fee simple subject to a condition subsequent. The right of entry represents the transferor’s right to elect to repossess the estate upon the occurrence or nonoccurrence of the limiting condition. This right is subject to the doctrine of latches. In most jurisdictions, a right of entry is alienable, devisable, and descendible, although some jurisdictions restrict the alienability of this interest. It can only be retained by the transferor (or the transferor’s heirs), and cannot be created in a transferee. It is also called a “right of re-entry” or “power of termination”.

term of years

generally, a leasehold interest created in a transferee for a duration specified in the grant. In some jurisdictions, a conveyance of an extremely long term of years (e.g. 100 years) is considered a grant of a fee simple. The doctrine of waste is applicable. Terms of years are alienable, devisable, and descendible.

Unascertainable individual

an individual (or defined group) whose identity is not certain; often someone who is not in existence at the time of the conveyance. Generally one cannot point to an unascertainable individual

vested remainder

a vested remainder is a remainder that (i) is not subject to any condition precedent (other than the natural termination of the preceding estate) and (ii) is held by an ascertainable individual.

words of limitation

language in a conveyance that identifies the type of estate being created, thus setting the “limits” of the estate

words of purchase

language in a conveyance that identifies the transferees of the interest.

to X and her heirs

fee simple

to X in fee simple

fee simple

to X

fee simple

to X as long as

fee simple determinable

to X while

fee simple determinable

to X until

fee simple determinable

to X during

fee simple determinable

to X provided that

fee simple subject to a condition subsequent

to X but if

fee simple subject to a condition subsequent

to X on the condition that

fee simple subject to a condition subsequent

to X as long as, while, until, during, provided that, but if, on condition that, then to Y

fee simple subject to executory limitation

to X and the heirs of her body

fee tail

to X for life

life estate

to X until she dies

life estate

to X for amnt of years

term of years

what are the three types of fee simple defeasible

fee simple determinable

fee simple subject to condition subsequent

fee simple subject to an executory limitation

what is distinguishable about fee simple determinable

transferor retains a future interest known as a possibility of reverter

what is distinguishable about fee simple subject to a condition subsequent

the transferor retains an interest known as right of entry

what is distinguishable about a fee simple subject to an executory limitation

the future interest is held by third party

defeasible estate

estate that may end upon occurrence (or non-occurrence) of some future event

fee simple defeasible

fee simple estate that may continue forever or may end upon occurrence (or non-occurrence) of some future event.

fee simple determinable

fee simple estate that automatically ends when certain event or condition occurs or fails to occur, giving transferor right of possession (automatic reversion)

words of duration traditionally used to create fee simple determinable

as long as, while, until, during

possibility of reverter

future interest in transferor resulting from fee simple determinable. Interest automatically becomes possessory upon happening of stated condition

fee simple subject to a condition subsequent

fee simple estate created that may be terminated at election of transfer when certain condition or event occurs or fails to occur.

words of condition

provided that, but if, on the condition that

right of entry/ re entry

future interest in transferor resulting from fee simple subject to a condition subsequent. If triggering condition met, transferor may elect to terminate estate. Interest does not automatically become possessory upon happening of stated condition. Subject to doctrine of laches.

FSD v. FSSCS

ambiguity can occur as to whether a conveyance grants fsd or fsscs. courts look at the intentions of the parties. FSSCS is preferred of FSD because FSSCS does not result in automatic forfeiture.

Courts may also consider a third alternative.

• conveyance in fee simple (absolute) with a covenant by transferee to do or not do something. Breaking covenant gives rise to damages not forfeiture.

fee simple subject to an executory limitation FSSEL

defeasible fee simple estate created in a transferee that is followed by a future interest in another transferee

• distinct from FSD and FSSCS which are estate in which transferor has future interest

fee simple determinable future interest

possibility of reverter

fee simple subject to condition subsequent future interest

right of entry

fee simple subject to executory limitation future interest

executory interest (springing or shifting)

reversion

future interest remaining in transferor when he or she grants an estate of lesser quantum than she began with

possibility of reverter

future interest retained by transferor who starts with fee simple absolute and conveys fee simple determinable

right of entry

future interest retained by transferor who starts with fee simple absolute and conveys fee simple subject to condition subsequent

remainder

future interest created in a transferee that is capable of becoming possessory immediately upon expiration of prior estate and does not divest or cut short interest in a prior transferee

executory interest

future interest created in transferee that is not capable of becoming possessory immediately upon the expiration of the prior estate or divests or cuts short interest in a prior transferee.

vested

created in ascertainable person at time of conveyance and not subject to condition precedent other than natural termination of prior estate.

Contingent

not vested

ascertainable person

has been born and can be identified at the time of conveyance.

not subject to condition precedent

condition precedent is condition, other than the natural ending of the prior estate, that must be met before remainder is ready to become possessory

remainder cannot follow vested fee simple

interest created in transferee following vested fee simple subject to an executory limitation (subject to complete divestment) will be executory interest.

indefeasibly vested

remainder in identifiable person that is not subject to full or partial divestment

vested subject to executory limitation (subject to complete divestment)

remainder that may be divested if a contingency occurs

vested subject to open (subject to partial divestment; “class gift”)

remainder held by one or more living members of group or class that may be enlarged in future

contingent remainder

remainder that is not vested is contingent

springing

executory interest that follows interest in transferor

shifting

executory interest that follows interest in transferee

property

rights among people concerning things. Often described as a bundle of rights or bundle or sticks

four key implications of the rights approach

property rights are defined by government

property rights are not absolute

property rights can be divided

property rights evolve as law changes

property rights are defined by government

property is defined by the government, the basic concept of legal positivism

property rights are not absolute

property rights are relative not absolute, property rights sometimes conflict. Much of property law is devoted to reconciling disputes between different owners or between an owner and the community.

property rights can be divided

property rights concerning a thing may be split among multiple holders, such that it may be difficult to identify a single owner

property rights evolve as law changes

the nature and scope of property rights do evolve slowly over time, as changing economic, technological, and social conditions gradually reshape the law

legal positivism (positive law)

property only exists to the extent that it is recognized by the government