What is fee simple defeasible? Fee simple defeasible is a legal term and type of property ownership, where the ownership is dependent on specific conditions. If the conditions of ownership are violated, the property may be returned to the grantor or to a specified third party.
Just so, what are the two types of fee simple estate?
There are two forms of fee simple estate: absolute and defeasible. The deed to the determinable estate states usage limitations. If the restrictions are violated, the estate automatically reverts to the grantor or heirs.
Subsequently, question is, is a life estate Defeasible?
Defeasible Life Estate. Property Law. A defeasible life estate is one that terminates upon the occurrence of a specified event or condition or upon the death of the life tenant, whichever occurs first (e.g., A conveys property to B for life as long as the property is used for residential purposes).
What is the definition of a freehold estate?
Freehold estates are estates of indefinite duration that can exist for a lifetime or forever. Some types of freehold estates are classified as "estates of inheritance," where the estate continues beyond the life of the holder and descends to his or her living heirs upon death as specified by the will or by law.
What does Defeasible mean in real estate?
A defeasible estate is created when a grantor transfers a land on the happening of an event or a condition stated by the grantor. This means that the estate is subject to the occurrence or non-occurrence of some events specified by the grantor.