Estates
How long does life estate last?
Life estates lasts for duration of the life of the grantee.
Greenacre to Thomas for life, then to Elliot so long as the property is not used for commercial purposes. What type of interest does Elliot have?
Vested remainder subject to divestment.
Greenacre to Thomas as long as he is enrolled in law school. What are the interests?
Thomas owns in fee simple determinable. Grantor has possibility of reverter.
How is a life estate split?
A life estate is split into a present interest/life estate and a remainder interest.
What costs are life tenants responsible for?
Life tenants have to pay taxes, interest on the mortgage, and make repairs.
When does a fee tail ownership revert back to grantor?
Reversion to original owner only if NO HEIRS
Greenacre to Thomas for life, then to Thomas’ children. What do Thomas' children have?
Vested remainder subject to open.
What is the difference between shifting and springing?
Shifting: takes effect as soon as triggering event occurs and the interests shifts to a third party
Springing: does not vest immediately- there is a triggering event that terminates the estate and when the executory interest takes effect
What is the default ownership structure?
Tenancy in Common
True or False: Tenants in Common have to get permission to transfer their interest.
False: Tenants in common have unilateral power to transfer. (no consent or notice required to owner co-owners)
Greenacre to Thomas as long as Greenacre is not used for commercial purposes. What happens if land is used for commercial purposes?
An automatic reverter and immediate divestment
Person leaves their spouse for life and then to their child if they graduate college. What does child have?
The child has a contingent reminder.
What is the future interest in Fee Simple Subject to a Condition Subsequent?
Right of Re-Entry
How do tenants in common determine their contribution?
Their individual shares in the property determine their contribution
What happens when a Joint Tenant with a Right of Survivorship transfers their estate?
If Co-owner makes a lifetime transfer of their share, Right of Survivorship is extinguished and prior owners become Tenant in Common with new owner .
What is the default type of ownership?
Fee simple absolute
Greenacre to Thomas, unless he drops out of law school, then to Elliot when she reaches the age of 21.
Fee Simple Subject to a Springing Executory Interest
Greenacre to Thomas for life, remainder to Elliot. What are their interests?
Thomas has life estate - Elliot has vested remainder.
True or False: A tenant by the entireties can transfer their interest without permission of the other tenant.
False: Tenants by the enteritis cannot transfer without mutual consent.
What are the four unities?
Time: All owners’ interests must have vested at the same time
Title: All owners’ interests must be acquired from the same deed
Interest: All owners have equal interests in the property
Possession: All owners have equal and concurrent rights to possess their property
Greenacre to Thomas and heirs of his body. What type of ownership?
Fee Tail
Greenacre to Thomas, so as long as he does not drop out of law school, then to Elliot. What type of ownership?
Fee Simple Subject to an Executory Interest
Greenacre to Thomas for Elliot’s life, then to Emerson. What interest does Elliot have?
Trick question! None: Elliot is only measurement - pur autre vie
What are the ways someone can be ousted?
Actual: act of physical exclusion by IPT
Constructive: situation of property or relationship between parties that makes co-possession impractical
Annie owned Homeacre, in fee simple. She executed a new deed, adding her son to the title
with the two of them owning as “joint tenants with the right of survivorship, with mother
owning a 25% share and son owning a 75% share.” Next, the mother dies and in her will she
leaves all her property to the Delaware Law School. How do the parties own and what are their interests?
The Delaware Law School and the son co-own the property as tenants in common, with the
Delaware Law School owning a 25% share and son owning a 75% share.