This limits fee simple ownership rights. Fee simple defeasible conditions can be. The interest will revert to the grantor or the heirs of the grantor. Normally, a possibility of reverter follows a fee simple determinable. The holder of a fee simple defeasible possesses the property as a fee simple subject to that condition.
Don’t get too entrenched in the name though, as the chances of seeing this on your real estate exam is really low.
The only exceptions which exist are the basic four government regulations , which are taxation , escheat , eminent domain , and police power , an or a covenants (restrictions) on a deed. A condition on a deed refers to a previous owner creating conditions on the deed that restrict or limit the use of property from a specific use. What is the definition of fee simple estate? What does it mean to own property in fee simple?
An interest in real property that may be defeated upon the happening of a certain described event. If the conditions of ownership are violate the property may be. In other words,someone must take an action in order for the estate to come to an end. This term applies to any condition where ownership of the property is dependent on the occurrence or non-occurrence of a certain event.
A fee simple defeasible is a special condition found in some deeds.
An example of this is land sold to a conservation group with the condition that no development is to ever happen on the property. A “fee simple defeasible” is a real-property interest that is granted to a particular person (the grantee) and ends under one of two circumstances: (1) the grantee’s line of descendants who are heirs comes to an en or (2) a special limitation, condition subsequent, or executory limitation takes effect even though the grantee’s line of descendants who are heirs continues. A defeasible fee simple is a fee simple estate that could be removed for a reason established in the granting document. If an event or happening occurs, the transfer could be void.
Established by durational language, fee simple determinable estates are followed by the future estates of a possibility of reverter. In this video, Kartik Subramaniam at ADHI Schools discusses the concept of fee simple defeasible ownership of real estate. A defeasible estate is created when a grantor places a condition on a fee simple estate (in the deed ). When a specified event happens, the estate may become void or subject to annulment. Upon the occurrence of a specified event, the estate may be lost.
Two types of defeasible estates are the fee simple determinable and the fee simple subject to a condition subsequent. B) defeasible fee estate. Another name for a qualified fee estate is the A) fee simple defeasible.
Definition of fee simple defeasible. Where a fee simple defeasible estate is a freehold estate where title is held as long as a certain condition is met, or until some event occurs, a fee simple absolute estate is not subject to any condition. In a fee simple absolute estate , ownership is absolute. As you can see, the difference between a fee simple defeasible and a fee simple absolute is quite easy to see.
Depending on the wording of the conditions in the dee the estate will be either fee simple determinable or fee simple subject to a condition subsequent. In short, a fee simple absolute estate interest is the greatest and highest property ownership estate recognized by United States law. You can think of a fee simple defeasible estate as a fee simple absolute that is subject to certain conditions or contingencies that can terminate the estate.
So long as the conditions are met and. There are no restrictions on the fee simple absolute estate. Aside from a few exceptions, no one can legally take that real estate from an owner with fee simple title. Three types of defeasible estates are the fee simple determinable, fee simple subject to an executory limitation or interest, and the fee simple subject to a condition subsequent.
Because a defeasible estate always grants less than a full fee simple , a defeasible estate will always create one or more future interests. The owner benefits from all the powers, rights and interests of ownership as long as a certain condition is met, or until some event. This means that the estate is subject to the occurrence or non-occurrence of some events specified by the grantor. Defeasible estate can be classified into three: 3. Fee Simple Defeasible A fee estate in real property that may be defeated or undone if certain events occur or conditions are not met. For example, when grantor transfers to grantee a parcel of land “ for so long as that land is used for summer camp purposes.
The estate then goes to the original owner, his or her heirs or a third party depending on the deed. The grantor is conveying a fee simple only until an event happens. It uses words of duration, such as “so long as” “while used for”, and “until”.