QST LA 245 Chapter Notes - Chapter 24: Fee Simple, Implied Warranty, Life Estate
23 Jul 2018
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A grantor is an owner who conveys his property, or some interest in it, to someone else, called the grantee. Real property may be any of the following: land, buildings, subsurface rights. The different rights that someone can hold in real property are known as estates or interests. This is the most common form of land ownership: fee simple defeasible may terminate upon the occurrence of some limiting event, like using the land for something other than what was specifically defined. Ownership of the land then reverts to the grantor"s heirs, meaning title goes back to them. Because the heirs might someday inherit the land, they are said to have a future interest. A life tenant is a person who has the use of the property during his lifetime only. The moment the life tenant dies, the property reverts to the grantor of the life estate or her heirs.
