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The rule against perpetuities serves a number of purposes. First, English courts have long recognized that allowing owners to attach long-lasting contingencies to their property harms the ability of future generations to freely buy and sell the property, since few people would be willing to buy property that had unresolved issues regarding its ownership hanging over it.
Example: "O grants Blackacre to A for life, then to B, unless B and C have divorced (at the time A dies)". Analysis (O): If B and C have not divorced before A dies, B will own Blackacre. If B has divorced C, then the property will vest in O (or O's estate) without O having to make a claim for it. So O has a reversion. Analysis (A): A has a life ...
A remainder is contingent if one or more of the following is true: (1) it is conveyed to an unascertained or unborn person, (2) it is made contingent on anything but the natural termination of the preceding estate. [5] For example, if we assume that C is alive, and A conveys "to B for life, then to the heirs of C ...", then the remainder is ...
In common law countries a remainderman is a person who inherits or is entitled to inherit property upon the termination of the estate of the former owner. [1] Usually, this occurs due to the death or termination of the former owner's life estate, but this can also occur due to a specific notation in a trust passing ownership from one person to another.
The foreclosure income that is taxable is the same as that for a real estate investment trust (REIT) and may include rents contingent on making a profit, rents paid by a related party, rents from property to which the REMIC offers atypical services, and income from foreclosed property when the REMIC serves as dealer. [36]
A typical real estate contract specifies a date by which the closing must occur. The closing is the event in which the money (or other consideration) for the real estate is paid for and title (ownership) of the real estate is conveyed from the seller(s) to the buyer(s). The conveyance is done by the seller(s) signing a deed for buyer(s) or ...
FBO is an abbreviation for the common term “for the benefit of” and it is often used in estate planning. In a trust, the term conveys ownership and value to the trustee. The FBO legal language ...
Residence trusts in the United States are used to transfer a grantor's residence out of the grantor's estate at a low gift tax value. Once the trust is funded with the grantor's residence, the residence and any future appreciation of the residence are excluded from the grantor's estate, if the grantor survives the term of the trust, as explained below.