Clancey Property Estates & Fut. Interests Mod3

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Clancey Property Estates & Fut. Interests Mod3
2010-07-16 14:14:56
Clancey Estates

Real Property Estates
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  1. Estate
    A possessory interest in land which is or may become possessory. Measured in duration by some period of time.
  2. Present Estates
    Interests which give a present right to possession.
  3. Words of Purchase
    Words in an instrument which indicate the grantees or persons who are to take the estate.
  4. Words of Limitation
    Words in an instrument which indicate the type of estate the grantee takes.
  5. Future Estates
    Interests in land which may or will entitle the owner to possession of the estate in the future.
  6. Fee Simple Absolute
    The largest estate permitted by law. The holder has full possessory rights now and in the future. This estate is unlimited as to duration, disposition and descendability.
  7. Defeasible Fees
    Present interests which are of a potentially infinite duration which can be terminated by the happeneing of a specified event (condition).
  8. Fee Simple Determinable
    A type of defeasible fee which automatically terminates on the happening of a stated event and goes back to the grantor (possibility of reverter).
  9. Possibility of Reverter
    The future interest left in the grantor upon conveying an estate conditioned upon the non-occurrence of a stated event or act. Upon the happening of the condition the estate will automatically revert back to the grantor.
  10. Fee Simple Subject to a Condition Subsequent
    A defeasible fee which is created when the grantor retains the power to terminate the estate of the grantee upon the happening of a specified event.
  11. Right of Re-Entry (Power of Termination)
    A future interest retained by the granotr giving him the right to terminate the grantees estate upon the happening of a specified event.
  12. Fee Simple Subject to Executory Limitation
    A defeasible fee that terminates upon the happening of a specified even and vests title in a third party.
  13. Fee Tail
    A present possessory interst which limits inheritance to lineal descendants of the grantee. If there are no lineal descendants the property reverts back to the grantor.
  14. Life Estate
    An estate who's duration is measured by the life of the grantee.
  15. Life Estate Per Autre Vie
    An estate who's duration is measured by the life of someone other than the grantee.
  16. Doctrine of Waste
    Imposes a duty on a present possessor to not do anything which would injure the interests of the person(s) holding the future interest.
  17. Voluntary Waste
    A type of waste which occurs from an intentional act.
  18. Permissive Waste
    The type of waste which occurs when the property is allowed to fall into disrepair or the failure to take responsible measures to protect the land from the elements.
  19. Reversion
    A future interest left in the grantor after conveying a lesser estate than what he has. It will become possessory after the natural termination of the preceding estate.
  20. Vested Interests
    Those interests which the owner and the event upon which it will become possessory are certain, but the time of actual possession is unknown.
  21. Remainders
    Remnants of an estate in land which is a future interest created in someone other than the grantor which can become a present possessory estate upon the natural expiration of prior estates, which were expressly by the same conveyance.
  22. Vested Remainder Subject to Complete Divestment
    A vested remainder where the interest is in an existing ascertained person and subject to a condition subsequent.
  23. Vested Remainder Subject to Partial Divestment (Subject to Open)
    A vested remainder where one or more remaindermen are in existence and ascertained, but the amount of their estates is subject to diminution due to the possibility of an increase to the number of people who are to take the property.
  24. Condition Subsequent
    A condition which occurs after the estate has vested which, upon its happening, the remainder becomes possessory.
  25. Condition Precedent
    An expressed condition other than the termination of the preceding estate which must occur before the remainder becomes possessory.
  26. Contingent Remainder
    A remainder which is created in favor of an unborn or unascertained person or otherwise subject to a condition precedent.
  27. Executory Interest
    A future interest created in a third person which to become possessory must divest or cut short the prior estate (shifting interest) or spring out of the grantor at a future date (springing interest).
  28. Doctrine of Merger
    The merging of a present interest into a future interest when the same person obtains immediate successive estates in the same land.
  29. Rule in Shelley's Case
    Rule against the remainder in the grantee's heirs. The rules states if one instrument creates a present possessory interest in a person and a remainder in his heirs, the remainder in the heirs will not be recognized and the person receiving the present interest will receive both estates.
  30. Destructability of Contingent Remainders
    The doctrine which states a contingent remainder in land is destroyed if it does not vest at or before the termination of the preceding estate.
  31. Restraints on Alienation
    Provisions in deeds, wills or mortgages that effectively restrain the grantee from conveying the estate he has received. Restraints are either total or partial in form and can be imposed in different ways.
  32. Total Restraint
    Restraint which seeks to preclude any transfer.
  33. Partial Restraint
    Seeks to limit who may be a transferee, set at a time within which the alienation is restricted, or designate the manner in which the alienation is limited.
  34. Disabling Restraint
    One way a restraint can be imposed. It withholds from the grantee the power of transferring his interest.
  35. Forfeiture Restraint
    Provides that if a grantee attempts to transfer his interest it is forfeited to another person.
  36. Promissory Restraint
    When the grantee promises not to transfer his interest.
  37. Rule Against Perpetuities
    An interest is void if there is any possibility that it may vest more than twenty-one years after some life in being at the creation of the interest.