Fee simple absolute
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Fee simple absolute

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Fee simple absolute




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Slide1

Fee simple absolute

Estates and Future Interests

Slide2

History

Rise of the fee simple absolute estateLivery of seisinIdea of multiple owners of landSystem of estates

Slide3

Freehold estates

Estate: classified by its length (duration)

Corresponding future interest in grantor or grantee

Fee simple absolute

Fee simple determinable

Fee simple subject to condition subsequent

Fee tail

Life estate

O’s deed “to my daughter Mary for life” creates either reversion in O or remainder in someone else.

Nonfreehold

: leasehold interest

Slide4

Terminology

Conveyance:

transfer of real property by deed – could be either a sale or gift.

Grantor

conveys to

grantee.

Testate

: person (testator) dies with a will.

Personal property: legacy

Real property: devise

Intestate

: person dies without a will, property is then distributed by

intestate succession

statute of the state to

heirs

.

Slide5

Terminology

Heirs

: those who inherit according to

intestate succession

law of state

If you acquire property under will, you are a

devisee

or

legatee

, not “heir”

Issue

: lineal descendants (children, grandchildren, great-grandchildren, etc.)

Ancestor

: lineal ascendants (parents, grandparents), but NOT aunts, uncles

Collaterals

: related by blood, but not issue or ancestors (siblings, cousins, aunts, uncles)

Escheat

: property goes to the state if no living relatives

Slide6

Fee simple absolute

Traditionally, created by conveyance “to A and her heirs.”

Why add “and her heirs”?

Illustrates that the estate is inheritable and that more than life estate was intended.

Use of these words did NOT give “heirs” any interest: words of limitation, not words of purchase.

What are the words of limitation in this gift?

“to A for the duration of her natural life”

Cole v.

Steinlauf

: illustrates how strict this rule could be

Slide7

Iowa Code

557.2. Estate in fee simple

The term “heirs” or other technical words of inheritance are not necessary to create and convey an estate in fee simple.

Slide8

Iowa Code

557.3. Conveyance passes grantor's interest

Every conveyance of real estate passes all the interest of the grantor therein, unless a contrary intent can be reasonably inferred from the terms used.

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Slide12

Fee simple problems

O conveys

Blackacre

“to Joan and her heirs.” Joan wants to sell

Blackacre

, but her son Ronald objects. Can Ronald stop the sale?

If Joan decides to will

Blackacre

to the Alien Space Society, can Ronald challenge the will?

Slide13

Life estate

Created by language “to A for life” or similar words.

Transferable:

pur

autre

vie

O conveys

Blackacre

“to A for life”. O retains reversion. A sells her interest to B. B then dies, leaving no will and an only son, X. What happens to

Blackacre

?

What if B dies, leaving no will and no heirs?

What happens to

Blackacre

when A dies?

What happens if O dies before A?

What if O conveys

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