Present Estates

In: Other Topics

Submitted By Gmain
Words 495
Pages 2

(1) Fee Simple Absolute
• Future Estate: None
• Language Creating FSA: (a) to “A and his heirs (b) to “A, his heirs and assigns” (c) to “A”
• Duration: Unlimited
• Transferability: By deed, will or intestacy
• FSA is form of undivided ownership
• It is unlimited in duration
• Words of purchase: words of conveyance “A”
• Words of limitations: words that describe or limit the estate which is transferred “to his hears”; also designate something less than FSA “to A for life”
• The owner A can transfer himself does not need his hears to join him to convey
• The statute usually provides that any conveyance will be presumed to pass entire estate (FSA) to the grantor unless the contrary intent is expressed in document

Meaning of “words of purchase”
• Does not necessary mean A bought the land it could be gift, inheritance etc
Meaning of “heirs”
• Has a technical meaning, descendents of a person who died intestate
• Living person does not have heirs, can have presumptive heirs
Meaning of “words of inheritance”
• “and his heirs” are not only words of limitation but also words of inheritance
• They describe inheritable estate which does not end with the holder’s death like in life estate

• FSA holder has the largest estate know to law
• The grantees enjoyment of the estate may be encumbered by interests in land by mortgage, private nuisance etc, government may restrict use of land in manner that would jeopardize health, safety etc.

(2) Defeasible Fee Estate
• Owner of FSA can transfer an estate in fees simple and still keep his strings attached to it. Can be done in two ways:
(1) determinable estate: estate which ends automatically upon the happening of event is called
(2) estate of condition subsequent: estate which only becomes vulnerable to being terminated at the grantor’s election

Other terms for…...

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