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 are the two types of fee simple defeasible?

Are There Different Types of Fee Simple Defeasible?

• Fee Simple Determinable. A fee simple determinable automatically ends the interest in the property when a condition is violated or not met.
• Fee Simple Subject To Condition Subsequent.
• Fee Simple Subject To Executory Limitation.

Can real estate be owned as a fee simple defeasible?

In relation to real estate, it’s referring to property ownership. With fee simple defeasible, ownership is transferred with some condition or restriction placed on the property. If that condition is not met, then the property reverts back to the original owner.

What are the three types of defeasible fee simple estates?

Three types of defeasible estates are the fee simple determinable, the fee simple subject to an executory limitation or interest, and the fee simple subject to a condition subsequent.

What is the difference between fee simple absolute and fee simple defeasible?

The rules pertaining to the fee simple absolute are simple. The holder has absolute ownership; his or her ownership lasts forever unless the holder transfers it. 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.

What is Allodial system?

The allodial system is a legal right or claim of ownership of land applicable in many legal systems throughout the world. Most states in the United States employ the common law simple, allowing someone to hold ownership of land in fee simple.

What is the opposite of fee simple?

leasehold
Most people only know of one type of real estate ownership: fee simple, also known as freehold. But a handful of states have another form of ownership, known as leasehold. The difference in these two types of land tenure is very different and affects the value of the real estate.

What is the difference between a fee simple absolute estate and a defeasible fee simple estate?

What is an example of a fee simple Defeasible estate?

A fee simple defeasible is a special condition found in some deeds. With this condition, the original land owner does not have sue to take back the property if the deed condition is violated. An example of this is land sold with the special limitation that it is only to be used for agriculture.

What are the characteristics of a fee simple estate?

A fee simple is an interest in property, often land, that has two unique characteristics: The property may be possessed infinitely. May be inherited by one’s heirs….Fee Simple Absolute

• The right of possession.
• The right of alienation.
• The right of exclusion.

What’s the difference between fee simple and fee simple absolute?

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 the difference between a fee simple defeasible and absolute?

As you can see, the difference between a fee simple defeasible and a fee simple absolute is quite easy to see. If the previous seller retains any conditional interest in the property, then the deed is most likely to be a fee simple defeasible. For most people, however, a fee simple absolute is the easiest and most common type of property ownership.

What is a fee simple defeasible deed?

If the previous seller retains any conditional interest in the property, then the deed is most likely to be a fee simple defeasible. For most people, however, a fee simple absolute is the easiest and most common type of property ownership. Here, all deals are final and the new owner is free to do as they wish with the property.

What is conditional ownership of a fee simple defeasible estate?

Ownership of a fee simple defeasible estate is conditional, and the condition must be clearly stipulated by the grantor in the conveyance document. Fee simple defeasible conditions can be structured two ways: Either the ownership is contingent upon an event happening or ownership ends when an event happens.

What happens if a fee simple defeasible estate is violated?

With a fee simple defeasible estate, if the condition is violated, the original owner has power of termination and must go to court to obtain their right of re-entry — i.e., the power to take back ownership and control of the property. What are the types of fee simple defeasible estates?