What is defeasible fee mean?
What is 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 is a defeasible fee in real estate?
When the rights of ownership in real estate are dependent on the occurrence or non-occurrence of a certain event, it is known as a defeasible fee estate. This limits fee simple ownership rights.
What means defeasible?
capable of being annulled or made void
Definition of defeasible : capable of being annulled or made void a defeasible claim.
What are the two types of fee simple defeasible?
There are two kinds of Fee Simple: Absolute or Defeasible….Fee Simple Estates
- Fee Simple Determinable: The estate will be automatically terminated if the stated condition occurs.
- Fee Simple Subject to Condition Subsequent: The estate is similar to a fee simple, but has a condition attached.
What are the two types of fee simple Defeasible estates?
Is a fee tail defeasible?
Fee Simple Determinable: The estate will be automatically terminated if the stated condition occurs. Established by durational language, fee simple determinable estates are followed by the future estates of a possibility of reverter. For example: To A for as long as the property is used for a museum.
Is a defeasible estate a freehold estate?
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.
What are the two types of fee simple defeasible estates?
What is defeasible interest?
A defeasible fee is simply a fee simple interest in land that can be taken away from the holder by the occurrence or non-occurrence of a specified event. The two defeasible fees are the fee simple determinable and the fee simple subject to a condition subsequent.
What does fee simple mean?
An interest in land. Land owned in fee simple is owned completely, without any limitations or conditions. This type of unlimited estate is called absolute. A fee simple is generally created when a deed gives the land with no conditions, usually using the words like “to John Doe” or “to John Doe and his heirs”.
What is fee simple with a joint tenancy?
They simply become unrealized wishes. There are three “fee simple” (fee simple means unconditional ownership) forms of ownership pertaining to real property (or “tenancy”) by two or more individuals. These forms are tenants by the entirety, tenants in common, and joint tenants.
What is the difference between estate and fee simple?
This is similar to the above.
What is the legal definition of fee simple?
fee simple. An interest in land that, being the broadest property interest allowed by law, endures until the current holder dies without heirs; esp., a fee simple absolute. — Often shortened to fee. — Also termed estate in fee simple; tenancy in fee; exclusive ownership; fee-simple title; feudum simplex. [Cases: Estates in Property 5–7.
What is a fee simple interest in property?
Fee Simple. This is outright ownership by one or more parties with all beneficial rights.