For example, if a grantor wishes to ensure that a home is historically preserved and converted into a private museum, they could create a fee simple defeasible estate with the stipulations that the property be maintained at a specific level and placed on historic registers within X years. 2. On the other hand, the grantor may only want the second party to own and control the property until a specified condition is met, at which point the grantor and grantee both agree that it will pass to a third party. Scan this QR code to download the app now. A fee simple subject to an executory limitation is an estate that ends when a specific condition is met and then transfers to a third party. Should I re-do this cinched PEX connection? In property law, a condition subsequent is an event which terminates a party's interest in a property. Also, unlike a fee simple subject to a condition subsequent, B then automatically gains the interest in Blackacre and does not only have a mere right to sue for re-entry. A condition subsequent is an event or state of affairs that, if it occurs, will terminate one partysobligationto the other. Since Barney owned the fee simple determinable, that is all he can transfer to a third party. Tm hiu thm. Login. The major difference is that while a fee simple determinable automatically ends if the grantee (the person who received the land) does not fulfill the condition, the grantees interest in a fee simple subject to condition subsequent does not automatically end if the event or condition occurs. This right of entry allows a party to repossess the property from the grantee if the condition subsequent is met. When Victoria pays the last payment on her mortgage, her ownership interest in the property will be: Fee simple determinable Indeterminable with the given information Fee simple subject to a condition subsequent Fee simple absolute 4 They may wish to arrange for a third party to take over a piece of real estate in the event that the original grantees are unable to fulfill their obligations to it. Weighted sum of two random variables ranked by first order stochastic dominance. Such an indiscriminate use of terms to describe the estate has led to confusion in the cases when an attempt is made to analyze
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