Property Law Fee Simple Chart

Simply put, for a fee, an owner simply has absolute control over the entire pack of sticks. It is the strongest form of ownership and no one can own more than a royalty merely an absolute interest in the land. [3] This is the broadest interest an individual can possess. If a grantor wishes to create a simple absolute interest tax, it must use a form along the following lines: “To A” or “To A and his heirs”. Not all real estate interests offer as much control as fees simply absolutely. The other two main types of real estate interests offer the homeowner less control than simple absolute interest charges. Both interests fall into the category of unrealizable estates. With the metaphor already mentioned, an unworkable domain offers a homeowner fewer sticks in a package. [4] The third section of the table lists other land rights, including competing properties such as joint lease, joint lease and assembly/community; hereditary building rights such as long-term rental, periodic rental, conservation (suffering) rental and unlimited rental; and unwanted owners, such as opposing possession or mortgage. “This is my country.

I currently own it and my family has owned it for a long time. So I can do whatever I want with it. Isn`t it? This is a question that many clients are quick to ask themselves when they meet with their real estate lawyers. Like many other aspects of law, real estate ownership is not black or white. Understanding the real estate system, property interests, and how certain interests are created are all necessary to answer this question. The purpose of this presentation is to give an overview of the main properties and real estate holdings, as well as examples of each. In addition, this presentation aims to address issues related to the transfer of real estate shares. The second sub-category of unrealizable rebates is an “easily determinable fee”.

[6] The wording needed to create easily definable fees is “To A, as long as..”, “To A until.. or “At some point…” Plain language must be used for duration, and an owner`s interest could potentially be infinite as long as a particular event occurs. The easily identifiable delivery ends automatically if the specific event does not occur. What distinguishes this unworkable tax from the above is that the grantor has an inverse interest. This means that the country will AUTOMATICALLY revert to the settlor if the particular event does not occur. [7] The grantor is not required to exercise its right of readmission in a timely manner because of this automatic return. Here is an example of a discount that can be easily determined for a fee: To A, provided the property is used for a car wash. A has easily definable fees and will keep the land as long as it is used as a car wash. If the car wash is never built or if it is closed, the property is automatically transferred to the settlor. The owner of a fee simple interest has complete control over all sticks in the package. Another action that this simple owner can grant is a lifetime discount in the real estate. A life estate is a share of property limited to the lifetime of a person.

[8] Lifespan can be measured by the life of the person who owns the estate, known as a life tenant, or another designated person. When life annuity is measured by the lifespan of another person in particular, it is referred to as a pure life domain, which in French means “the life of others”. [9] Over the centuries, the common law has evolved to provide the estate system to landowners. This system provides clues to the rights, abilities and interests of an owner. At first glance, the terminology can be complicated and confusing. Nevertheless, further analysis reveals a system that is easy to understand and navigate. An absolute fee simple interest has unique attributes. The first is the heritability trait. This means that a landowner with a simple absolute interest can pass the land to his heirs in the event of death. The second is the characteristic of alienability. During his lifetime, a landowner can sell, control, give away or exclude others from the land for a simple absolute interest fee.

Again, they have absolute control and ownership and are only limited by laws such as zoning ordinances or private restrictions such as recognizances. A life estate is very easy to create. The grantor only has to indicate in the deed that the beneficiary benefits from a lifetime discount on the property and can use the language “A for life”. If the long-term tenant dies, the settlor recovers the land. The life tenant has many property rights and can benefit from the property. The life tenant is not only able to own the property, but can also pledge and use the property. Despite these abilities, the lifelong tenant is limited as he cannot sell the property. In addition, the tenant cannot cause waste. This means that the tenant cannot allow the property to deteriorate or be destroyed. If they do, the owner of the remaining interest may be able to sue the tenant for life for damage to the property, in the same way that a landlord can sue a tenant for damage to rental property.