Real Estate

What is a Defeasible fee simple estate?

By: Thomas HaggreUpdated: December 13, 2020

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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.

Related

Which is considered a Defeasible fee?

A fee simple defeasible is a conveyance of property that has conditions placed on it. The holder of a fee simple defeasible possesses the property as a fee simple subject to that condition. If the condition is violated or not met, then the property will either go back to the original grantor or a specified third party.

Who is the holder of a life estate?

In legal terms, it is an estate in real property that ends at death when ownership of the property may revert to the original owner, or it may pass to another person. The owner of a life estate is called a "life tenant".

What is the difference between a fee simple absolute estate and a Defeasible fee simple estate?

The rules pertaining to the fee simple absolute are simple. The holder has absolute ownership; his or her ownership lasts forever unless the holder transfers it. A defeasible fee is simply a fee simple interest in land that can be taken away from the holder by the occurrence or non-occurrence of a specified event.

What is an entailed property?

In English common law, fee tail or entail is a form of trust established by deed or settlement which restricts the sale or inheritance of an estate in real property and prevents the property from being sold, devised by will, or otherwise alienated by the tenant-in-possession, and instead causes it to pass automatically

What does Remainderman mean?

A remainderman is a property law term that refers to the person who inherits or is entitled to inherit property upon the termination of the life estate of the former owner. That person to whom ownership of the property is transferred is the remainderman.

What is a qualified fee estate?

Definition of qualified fee. : a defeasible estate in fee that may come to an end (as for breach of a condition or on account of an executory limitation on a stated event) specifically : a base or determinable fee simple — compare fee simple conditional.

What are non freehold estates?

A non-freehold estate involves leasing the property for a period of time without having any actual ownership in the land.

What is another name for a fee simple determinable estate?

Another name for fee simple estate. Also referred to as determinable, conditional or qualified fee. A defeasible fee creates an encumbrance on the title and runs with the land. There are two types: conditional fee or determinable fee.

What is the difference between a remainder interest and a reversion?

The key difference between a reversion and a remainder is that a reversion is held by the grantor of the original conveyance, whereas "remainder" is used to refer to an interest that would be a reversion, but is instead transferred to someone other than the grantor.

What is a fee simple in real estate?

In real estate, a fee simple estate is a form of freehold ownership. Fee simple is the highest form of ownership recognized by law and the most common type of land ownership in Canada.

What is an example of an easement?

An easement is a limited right to use another person's land for a stated purpose. Examples of easements include the use of private roads and paths, or the use of a landowner's property to lay railroad tracks or electrical wires.

What best describes a reversion?

A 'reversion' is a future interest that an individual has in a piece of property even after he or she has conveyed that property, in a lesser estate, to another individual. Once the lesser estate has expired or ended, the property will return to the original individual.

What is possibility of reverter?

Legal Definition of possibility of reverter
: a future interest in property that is retained by the grantor of a conditional fee or determinable fee and by which property reverts to the grantor upon the occurrence of a particular event or fulfillment of a particular condition — compare reversion.