What is a fee simple Defeasible?
What is a 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.
What’s the difference between reversionary interest and remainder interest in a property?
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 type of estate lasts for an indefinite period of time?
Freehold Estates Examples include the fee simple estate or the defeasible fee estate, which continue for an indefinite period and are inheritable by the owner’s beneficiaries. Other freehold estates are referred to as “estates not of inheritance” or “life estates,” which exist only for the term of a person’s life.
Which type of deed offers the grantee the most protection?
A general warranty deed offers the most protection for the grantee because it ensures that they have a clear right to the property. With this type of deed, the grantor ensures that there are no liens or easements against the property and that if there are, the grantee will be compensated accordingly.
What’s the difference between reversionary interest and remainder interest in a property quizlet?
Remainder interest: The creator of the life estate may name a remainderman as the person to whom the property will pass. Reversionary interest: The creator of life estate chooses not to name a remainderman, in which case the creator will recapture ownership.
What is a common element of joint tenancy and tenancy in common?
When two or more people own a home, either as a joint tenancy or tenancy in common, each person owns a share of the entire property. This means that specific areas of the house are not owned by one individual, but instead, are shared as a whole.
Which of the following is a life estate in property held by a widow?
Dower & Curtesy Defined At common law, the estate of dower is held by a widow upon her husband’s death and consists of a life estate of one-third to one-half of the land owned by her husband if he held a freehold interest in the land (e.g., a fee simple) and the land is inheritable by the issue of the marriage.
In which form of co ownership is a person’s ownership inheritable?
In which form of co-ownership is a person’s ownership inheritable? Tenancy in common; if one owner dies, that person’s ownership is inheritable. It doesn’t automatically pass to the other owners as it would with joint tenancy.
What are the two types of property ownership?
The different types of real estate title are joint tenancy, tenancy in common, tenants by entirety, sole ownership, and community property. Other, less common types of property ownership are corporate ownership, partnership ownership, and trust ownership.
Is a co-ownership taxable?
Is a co-ownership taxable? Generally no, because the activities of the co-owners are usually limited to the preservation of the property owned in common and collection of the income therefrom.
What is a secondary owner?
Both the primary and secondary borrowers on a mortgage have the responsibility to pay the debt, but one may be listed before the other. For example, the primary borrower may be the property owner for a co-signed mortgage while the co-signer is the secondary borrower.
Is it better to have a joint account when applying for a mortgage?
Having a joint savings account is therefore very useful when it comes to saving up for big purchases such as an expensive holiday for two, or a new kitchen. The same – in reverse – is true of loans, mortgages and other credit agreements: two people, with two incomes, can borrow more than one person alone.
