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Freehold Estates Introduction

Freehold Estates Introduction. Characteristics of Real Property Interests (the “sticks”). 1. Duration Forever Life only Fixed number of years Only as long as a condition satisfied. Characteristics of Real Property Interests (the “sticks”). 2. Ability to Transfer Inter Vivos Gift Sell

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Freehold Estates Introduction

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  1. Freehold EstatesIntroduction

  2. Characteristics of Real Property Interests (the “sticks”) 1. Duration Forever Life only Fixed number of years Only as long as a condition satisfied
  3. Characteristics of Real Property Interests (the “sticks”) 2. Ability to Transfer Inter Vivos Gift Sell At Death To heirs (intestacy) To beneficiaries (will)
  4. Characteristics of Real Property Interests (the “sticks”) 3. Limitations on use of land
  5. Freehold Estates Based on free tenures at common law. Owner has “seisin” – a right greater than possession (more than a tenant). Transfer by “livery of seisin” “turf and twig”
  6. Livery of seisin twig grantee grantor witnesses

  7. Fee Simple Absolute

  8. Fee Simple Absolute
  9. Fee Simple Absolute Largest estate known at common law (biggest bundle of sticks). Present right to possess Right to possess until death No conditions on possession (except societal ones) Transferable inter vivos (gift or sell) Transferable at death (heirs or beneficiaries)
  10. Fee Simple Absolute “To A and his heirs.” “To A” = Words of Purchase[who takes] “and his heirs” = Words of Limitation[what is taken]
  11. Ohio § 5301.02 The use of terms of inheritance or succession are not necessary to create a fee simple estate, and every grant, conveyance, or mortgage of lands * * * shall convey or mortgage the entire interest which the grantor could lawfully grant, convey, or mortgage, unless it clearly appears by the deed, mortgage, or instrument that the grantor intended to convey or mortgage a less estate.
  12. Cole v. Steinlauf “To A and assigns forever.” Does this create: fee simple absolute, or life estate?
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