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In property law, a condition subsequent is an event which terminates a party's interest in a property. [6] When land rights are subject to a condition subsequent, this creates a defeasible fee called a fee simple subject to condition subsequent. In such a fee, the future interest is called a "right of reentry" or "right of entry." There, the ...
If the condition is met, the grantee loses the interest and the third party gains it automatically. [2] Example: O grants Blackacre to A and A's heir; but if A ever accepts a candy bar from C, then to B and B's heirs. Here, O is the original owner. He grants A a fee simple subject to the subsequent condition that he doesn't accept a candy bar ...
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.
In property law and real estate, a future interest is a legal right to property ownership that does not include the right to present possession or enjoyment of the property. Future interests are created on the formation of a defeasible estate; that is, an estate with a condition or event triggering transfer of possessory ownership. A common ...
Fee simple estates may be either fee simple absolute or defeasible (i.e. subject to future conditions) like fee simple determinable and fee simple subject to condition subsequent; this is the complex system of future interests (q.v.) which allows concepts of trusts and estates to elide into actuarial science through the use of life contingencies.
A "fee simple" is real property held without limit of time (i.e., permanently) under common law, whereas the highest possible form of ownership is a "fee simple absolute", which is without limitations on the land's use (such as qualifiers or conditions that disallow certain uses of the land or subject the vested interest to termination).
In estate and trust law, it is a provision in a will or trust that prevents the vesting of a gift or bequest until something occurs or fails to occur, e.g. the attainment of a certain age or the predecease of another person. For comparison, a condition subsequent brings a duty to an end whereas a condition precedent initiates a duty.
In real property law, the term real covenants means that conditions are tied to the ownership or use of land. A "covenant running with the land", meeting tests of wording and circumstances laid down in precedent , imposes duties or restrictions upon the use of that land regardless of the owner.