REE 4433 Chapter 4 Quiz Flashcards | Quizlet In English law, a fee simple or fee simple absolute is an estate in land, a form of freehold ownership. The owner cannot be divested of the property. united states - Power of termination: how is it different from This is, the power to reclaim ownership and control of the property. Law, Government An example of a fee simple subject to executory limitation would be: A to B only if the property is used as a place of residence; if not used as a place of residence, then to C. Thus, B has a fee simple interest in the property. The owner must pay rent B. & S. 826, 122 Eng. Fee simple subject to condition subsequent: "A to B, but if [condition] A may reenter" Breaking the condition gives the grantor the option of reclaiming the res--right of reentry. The only constraints are those imposed by zoning or the government, and ownership is not shared (e.g., taxation, police power, etc.). On the case of a fee simple subject to a condition subsequent, if the condition occurs, which of the following is the result? We've helped more than 6 million clients find the right lawyer for free. Fee Simple Subject to a Condition Subsequent: A fee simple interest that can be terminated at the will of a future interest holder upon the occurrence or non-occurrence of an event or condition. What is so special about O grants Blackacre to A and A's heir; but if A ever accepts a candy bar from C, then to B and B's heirs. Failure to do so typically triggers a default. Some of the most typical reasons why people opt to transfer their property as a fee simple defeasible estate are as follows: The three types of fee simple defeasible are illustrated here. In the context of real estate or wills and estates, a reversionary interest is a reservation placed in a real estate transfer that the property will revert back to the original owner upon the occurrence of a specific event. The title deeds are in your name. In such a case, the interest that the third party holds is called an executory interest. It is called such because, in law, something that is executory is something that has not taken effect, but can potentially take effect. Why would other states not permit it if it has nothing to do with them? To subscribe to this RSS feed, copy and paste this URL into your RSS reader. For example: Note that a fee simple determinable can be transferred. Because of the complexities of fee simple defeasible estates, in particular, consulting with an attorney will substantially aid you in structuring a transfer that meets your interests. The words of conveyance must be durational in order to create a fee simple determinable (e.g., as long as, so long as, during, while, or until). When you buy a house, you usually do so fee simple. Fred leaves a piece of land to Barney, but if the land is ever used for something other than growing corn then Fred retains the right of entry. This is a fee simple subject to a condition subsequent. If vested in interest, possession will be had.
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