Interests and Estates

INTERESTS AND ESTATES IN LAND
Interests
● any combination of bundle of rights
● estates, encumbrances, police powers
Estates in land
● include right of possession; also called tenancies
● leaseholds: of limited duration
● freeholds: duration is not necessarily limited
FREEHOLD ESTATES
● implies "ownership" in contrast to leasehold
Fee simple estate
● also "fee"; most common form of estate; not limited by one's lifetime
● fee simple absolute: highest form of ownership interest
● defeasible: can revert to previous owner for violation of conditions
Life estate
● fee estate passes to another upon death of a named party
● remainder: interest of a named party to receive estate after holder's death
● reversion: interest of previous owner to receive estate after holder's death
Conventional life estate
● full ownership interest, limited to lifetime of life tenant or another named party
● created by agreements between parties
● ordinary: on death of life tenant, passes to remainderman or previous owner
● pur autre vie: on death of another; passes to remainderman or previous owner
Legal life estate
● automatic creation of estate through operation of law
● designed to protect family survivors
● homestead: rights to one's principal residence
● laws protect homestead from certain creditors
● dower and curtesy: a life estate interest of a widow(er) in the real property
● elective share: right to claim deceased spouse's property in lieu of will
LEASEHOLD ESTATES
● non-ownership possessory estates of limited duration
Estate for years
● specific, stated duration, per lease
Estate from period-to-period
● lease term renews automatically upon acceptance of monthly or periodic rent
Estate at will
● tenancy for indefinite period subject to rent payment; cancelable with notice
Estate at sufferance
● tenancy against landlord's will and without an agreement
* IN SOME STATES THIS VIDEO CAN ONLY BE USED AS STUDY GUIDE AND DOES NOT COUNT TOWARDS CLASS TIME
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