Fee simple defeasible or defeasible fees in real estate are legal terms and conditions fixed on a type of property ownership. If there is a violation in the conditions of ownership, the property goes back to the grantor or a specified third party. In this article, we will discuss extensively the different types of fee simple defeasible estate with the example of fee simple inheritable. You may also want to know the difference between the absolute vs the fee simple defeasible.<\/p>\n
A fee simple defeasible estate is a freehold estate in which a new owner, the \u201cgrantee\u201d inherits real estate from the previous owner \u201cthe grantor\u201d.\u00a0 The property ownership is subject to certain conditions in fee simple defeasible. The owner retains all of the powers, rights, and interests of ownership; until a specified condition is met or an event occurs. If there is a violation in the event the property reverts to the grantor.<\/p>\n
The fee simple determinable, the fee simple subject to an executory limitation or interest, and the fee simple subject to a condition following are the three types of defeasible estates.<\/p>\n
The difference between a simple absolute vs a fee simple defeasible is that a fee simple absolute is the maximum type of property ownership that one can obtain. A person owns a property in a fee simple absolute until he or she transfers it to someone else. Property owners in this area own both surface and mineral rights, with no restrictions. In fee, simple absolute one can use the land the way he wants to which is irrevocable by others. However, the land would still be susceptible to non-property concerns such as taxes or the grantor use it to settle an outstanding judgment against you.<\/p>\n
A fee simple defeasible, on the other hand, is a type of property ownership in which the owners take away the assets as a result of the occurrence or non-occurrence of a special event. In fee simple defeasible the owner holds the estate until a certain condition is met while fee simple absolute defeasible is unbound by any conditions.<\/p>\n
Besides the condition mentioned as part of the fee simple defeasible estate in real property, the owner\u2019s rights and powers are effectively the same as in a fee simple absolute estate. The owner who has a title in fee simple defeasible has a possessory interest in the property both now and in the future.<\/p>\n
The owner owns and controls all interests and rights in the property and has the authority to sell or transfer these rights at any time. However, they can also leave a fee estate to the owner\u2019s heirs. A perpetual estate is hence a defeasible fee. The condition, however, remains a part of the defeasible fee estate. This means that succeeding owners or successors are also subject to the condition as part of the estate\u2019s ownership.<\/p>\n
The characteristic must be utilized for a specific function or under specific conditions. If the use changes or if prohibited conditions exist, the estate reverts back to the original grantor.<\/p>\n
The property is restricted to a specific use or set of circumstances. The estate reverts to the original grantor if the use changes or if prohibited conditions exist.<\/p>\n
Fee simple defeasible estate in real property is a type of property ownership in which the grant of title or the duration of ownership depends on the fulfillment of a predetermined condition. Contracts must include words of conveyance <\/a>to accurately reflect the parties\u2019 intent. These terms demonstrate intent to transfer property. A fee simple holder owns the property as a fee simple subject to that condition. If there is a violation in the event. The property will go back to the original grantor or a specified third party.<\/p>\n There are 3 types of fee simple defeasible, they are<\/p>\n\n
Fee Simple Inheritable or Determinable<\/span><\/h3>\n