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Real Property Future Interests

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Real Property Future Interests Real Property: Future Interests STEP ONE: What type of interest in land is claimed? PRESENTLY-HELD FUTURE POSSESSORY INTERESTS IN LAND FUTURE INTEREST IN GRANTOR FUTURE INTEREST HELD BY ANOTHER POSSIBILITY RIGHT OF CONTINGENT INDEFEASIBLY VESTED VESTED RMDR. EXECUTORY REVERSION OF REVERTER RE-ENTRY REMAINDER VESTED REMAINDER SUBJ. TO FULL INTEREST REMAINDER SUBJ. TO OPEN DIVESTMENT STEP TWO: What will the effect be? Three questions A. Was the interest validly created? Created by Created by Created by Remainders Remainders Remainders Remainders Any future owner's grant owner granting owner granting always follow always follow always follow always follow interest not of life estate or an FSD. Need FSSCS. Must life estates. life estates. life estates. life estates. in grantor other lesser not be express be expressly Future Created in Created by a Created by and not estate in land reservation. reserved by interest that ascertained “class gift” remainder w/ following a No Rule grantor, or will vest if person or where class language of life estate Against Perps No RAP: vested right is invalid. contingency persons in being may grow. condition (RAP): owner occurs. and no RAP applies subsequent. RAP applies interest is No RAP: vested conditions. as long as the No RAP. always vested RAP applies. No RAP. class is still open. B. What are the characteristics of the interest? Owner's Owner's Not vested Owner's future Certain to Subject to future int. in future int.: yet: depends Fully vested Springing: interest in the become posses. being reduced return of land right to re- on condition remainder subj. “Follows a return of the @ termination in size because interest if enter (retake precedent to full divest. if Gap” or whole interest. of prev. estate. more may be condition fails. permanent OR on birth condition divests a (E.g. if owner Not subject to born into class Happens possession of) of as yet subseq. occurs. transferor. had FSA and being divested of int. holders granted a life automatically land if cond. unascertained or diminshed. Shifting: estate, she has upon failure of subs. occurs. remaindrmen Divests a a future int. in condition; not transferee a fee simple. waivable. C. What are the limitations on the interest? All future interests are “limited” in that they do not constitute any present right of possession. The interest is held in the present, but it is the interest in coming into future possession of an estate in land. May be Old C/L rules: No limits: Rule of May have waived by Limited by tranferable, Destructibilit convenience: as Limited by stat. exp. date words or No limits. terms that devisable, y soon as one terms that descendible conduct. created it. created it. Inaction upon Merger member may cond. subsq. Shelley's collect her not enough, but Case share, the class closes. if det. reliance: Doctrine of waiver / estop. Worthier Title STEP THREE: Conveyancing issues A general problem with conveyance of future interests is that the holder of the present estate and the holder of the future interest may want to join forces to create marketable title for sale of the land. If the future interest is not vested, especially if it is held by unborn or unascertained parties, it is impossible to create marketable title. C/L: no inter C/L: no inter Always Always No limits: C/L & modern: C/L & modern: vivos trnsfr & vivos trnsfr & devisable & C/L & modern: devisable & tranferable, Tranferable, Tranferable, not devisable, not devisable, descendible Tranferable, descendible devisable, devisable, & devisable, & but descends but descends. (C/L & mod) devisable, & (C/L & mod) descendible descendible. descendible. to heirs. Modern: Modernly descendible. Modernly Modern: most devise OK but also trnsfrble also transfer allow all trsfrs. not inter viv. inter vivos. inter vivos. STEP FOUR: Remedies brendanconley.com.
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