Comprehensive Real Estate Estates and Ownership Notes

Fee Simple Absolute * This represents the highest form of ownership interest in real estate. * It provides the owner with the complete bundle of rights associated with the property. * Alternative terms for this status include Fee Title or Fee Simple Title.
Fee Simple Defeasible * This is characterized as the highest form of ownership, similar to fee simple absolute, but carries specific restrictions. * Ownership is subject to certain conditions or exclusions regarding the actual use of the property.

Deed * Defined as a legal document that concerns the ownership of an individual's property rights. * In the context of buying or selling a property, a deed is the instrument that is recorded to authorize the transfer of ownership from one party to another.

Reversion Right * This is a limiting condition written into an agreement that provides for the recourse of the property. * Property ownership returns to the previous owner automatically without the necessity of initiating legal action.
Remainder Man versus Reversion * The primary distinction between these two concepts lies in who holds the interest. * A Reversion is an interest held by the grantor of the original conveyance. * A Remainder Man is a term used to signify an interest that functions like a reversion but is instead transferred to someone other than the grantor.

Life Estate * This refers to the right to ownership of land for the specific duration or length of a person's life.
Per for another's life (Pur Autre Vie) * Under this arrangement, the interest in the property is dependent upon the life expectancy of a third party who is not listed on the deed. * Upon the completion of the term (the death of the third party), the property interest reverts to the Remainder Man.

Legal Life Estate * This constitutes a concept of life estate that is established by law rather than by private agreement. * It is noted that this concept is not typically found in Utah. * In Utah, the legal life estate has been replaced by the Uniform Probate Code.
Dower * This refers to the life estate interest of a wife in the real estate owned by her deceased husband.
Curtsy (also spelled Courtesy) * This refers to the interest of a husband in the real property of an estate owned by his deceased wife. * This applies to property that the wife either solely owned or inherited. * A specific requirement for Curtsy is that the couple must have bore a child capable of inheriting the estate.

Homestead * This is an exemption issued on a portion of an owner's property. * It provides a layer of protection against judgments and creditors for the duration of the owner's life. * Specific Exemptions: Despite the general protection from creditors, homestead exemptions do not protect against mortgages or real estate taxes.