LAW 3330 Chapter Notes - Chapter 5: Leasehold Estate, Remainderman, Life Estate
Document Summary
Leasehold estate: interest in land for a certain amount of time. Fee simple absolute: an estate that goes to owners and their heirs without limitations. This involves and action and is not automatic if the land is used for improper uses: restraint on alienation: prohibits the grantee from transferring the property that is the subject of the restraint. Heirs cannot transfer the property that was passed down to them. Fee tail: an estate that descends to the grantee"s direct lineal heirs. No one can transfer the land outside of the family (courts don"t like this or restraint on alienation). Concurrent estate: possession of property by two or more people at the same time. Joint tenancy: each person owns and undivided interest in the whole and each ahs the right to survivorship. If someone dies their interest goes directly to the to other surviving interest holder (automatically: four unities, 1. Time: interests must occur at the same time: 2.
