Term
| What are the two classification of estates? |
|
Definition
| Estates can be classified as either freehold estates or non-freehold estats |
|
|
Term
| Freehold estates- what are they and what kinds are there? |
|
Definition
| Freehold estates are those forms of ownership that include present possession for an indefinite or unknown period of time. Freehold estates include fee simple absolute, free simple determinable, fee simple conditional, and life estate. |
|
|
Term
|
Definition
| A freehold estate without limitation or restriction of any kind on ownership, which last for an indefinite period of time. The owner may freely transfer his interst. Limitations may be imposed by federal, state, and local governments and the rights of adjoining property owners. |
|
|
Term
| Defeasible Fee Simple Estates- the two kinds and differences |
|
Definition
The fee simple determinalbe limits the use a property to a particular purpos and is usually accompanied by the possibility of reverter (automatically if the property is no longer used for that puprose.
The fee simple conditional permits all uses except the one described and is accompanied by the right of reentry (but the grantor has to take some sort of affirmative action to reassert the right to onwership) |
|
|
Term
|
Definition
| A freehold estate that is limited in time to the life of a designated individual |
|
|
Term
| Present Interest vs. Future Interest |
|
Definition
the present interest is the right to currently onw, possess, use, and enjoy the property. The right of present possession belong to the life tenant.
the future interest is the right to own the property at some unknown time in the puture. Possession, use, and enjoyment are deferred until the future, specificall at the end of the measuring life; this is the remainder of the interest. |
|
|
Term
| Rights and Duties of a Life Tenant |
|
Definition
| The life tenant has the right to possess, use, occupy, and enjoy the property. This includes the right to improve it, use it as collateral for loans or sell the life interest. The life tenant has certain duties, including paying all expense, utilities, maintenance, repairs, and real estate taxes. The life tenant must refrain from damagin the property or generating waste. |
|
|
Term
| Rights and Duties of Remainer/Reversion Interest |
|
Definition
| The person with the remainder or reversion interst has the right to receive the property in fee simple absolute from the life tenant at the end of the measuring life. Like the life estate, the remainder interest can be sold. The owner of the remainder interest has the right to expect the property to be in the same condition, with only normal wear and tear. |
|
|
Term
|
Definition
| Dower and curtsey are two old English common law traditions used to protect a spouse upon the death of the other spouse. Dower was the life estate right a wife had to her husband's estate upon his death. Curtesy was the husband's right to a life estate in his wife's individually owned real property upon her death. |
|
|
Term
| Non-freehold estates- what is it |
|
Definition
| A non-freehold estate is an estate in real property that has a definit time period and is limited to present possessory rights. |
|
|
Term
| Rights and Duties of Landlords and Tenants |
|
Definition
| Generally the landlord agrees to provide the space, and in case of a residential property, guarantees that the premises will be in a habitable condition. The tenant has the right to occupy the property and use it in any way that is permissible under the terms of the lease agreement so long as the use is not illegal and does not interfer with the rights of adjoining owners and occupiers. The tenant must return the property at the end of the lease term in the same condition, with only normal wear and tear |
|
|
Term
|
Definition
| The terms of agreemens should be in writing. There are many reasons for this requirement. Depending on the jurisdiction, the Statute of Frauds may required that certain types of contract be in writing to prevent disputes over the terms of the agreements. |
|
|
