Present Estates
is the largest type of estate, no inherent ending, no future interest or condition attached
commons Law requires specific language "To A and his heirs"
modern Law does not require any specific language -
Transferred by deed in life or death or devised by will
If the owner dies the heirs will inherit the land
Fee Simple Absolute
occurs when the party in possession voluntarily does something that substantially changes the nature of the property or substantially decreases its value
affirmative waste
a restraint that prevents the transferee from transferring her interest
Disabling Restraint on Alienation
is a future interest that goes to a third party (does not return to the grantor).
Remainder
are people who inherit property from the decedent when the decedent dies without a will (intestate)
a fee simple that is so limited that it will automatically terminate when a stated event occurs
durational language: "so long as," "until," "during," "while"
accompanied by a future interest
it is retained by the transferor and is called a possibility of reverter
if the language is to a third party then it is called executory interest
Fee Simple Determinable
occurs when the party in possession voluntarily does something that changes the nature of the property, but increases the value
ameliorative waste
a restraint that leads to the forfeiture of a title if the transferee tries to transfer their interest
Forfeiture Restraint on Alienation
is a future interest that reverts the interest in land back to the grantor.
Reversion
a decedent dies with a will
Testate
if an estate is no longer used for the purpose conveyed, it reverts to the original grantor by the right of reentry
must have conditional language such as "but for" "on the condition that"
Fee Simple Subject to Condition Subsequent
occurs when the party in possession fails to perform some act he is legally obligated to perform and his failure to act substantially depreciates the value of the property
permissive waste
a restraint that that stipulates that the transferee promises not to transfer their interest
Promissory Restraint on Alienation
A future interest associated with the fee simple subject to an executory condition wherein the interest may return to a party other than the grantor when there is a breach of a condition to which it was granted.
Executory Interest
a decedent dies without will
Intestate
similar to fee simple determinable but now, if the condition is broken, estate automatically forfeited in favor of someone other than grantor
Fee Simple Subject to Executory Limitation
if the transfer was making a certain use of the property when he transferred it, courts will presume the transferor intended the person in possession to continue
open mines exception
absolute ban on the power to sell or transfer that is not linked to a reasonable, time-limited purpose.
invalid as a matter of public policy
Absolute Restraint on Alienation
when a person does NOT have a present interest BUT has the right to possess the land some time in the future
Defintion of future interest
dead person
Decedent
an estate in fee that descends to the grantee's direct lineal heirs and through them to the direct lineal heirs of the next generation. it is a limited estate
"To A and the heirs of his body"
Fee tail
provides that the person in possession may not use the land in such a way that is is substantially injured or devalued
can be valid as long as its limited in scope duration and has a purpose
Partial Restraint on Alienation
What future interest follows a Fee Simple Subject to Conditional Subsequent?
Right of Entry
the decedent's lineal descendants all the way down the line
Issue