Prelim 1 review - HA 487 Prelim 1 Review Future Interests:...

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HA 487 – Prelim 1 Review Future Interests: How do you own or possess land? 1. Life Estate - Ex. “to Kubbs for life” – when Kubbs dies the land reverts back to grantor 2. Fee Simple Absolute - Full bundle of rights. - Can freely sell (alienable) Defeasible Fees: 3. Fee Simple Determinable (FSD) - “So long as” - Possibility of reverter - Property automatically reverts back to grantor when “so long as” is broken 4. Fee Simple Subject to condition Subsequent – - “On the condition that” - Action must be taken to get land back (right of entry) Law of Waste: 1. Voluntary Waste ex. You find oil on land, you cannot drill for it because you are voluntarily ruining the value of the land when it reverts back. 2. Permissive Waste ex. Leaky roof – you must repair it because you have an obligation to upkeep the value of the property 3.Ameliorative Waste ex. Increasing the value of the land. Forms of Ownership Co-Ownership 1. Tenancy in Common: - No right of survivorship - Each owner has a distinct and individual interest o Creditors only get access to half of individual liable - By the part, not by the whole.
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2. Joint Tenancy
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Prelim 1 review - HA 487 Prelim 1 Review Future Interests:...

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