Executory interest

A future interest in property that will be triggered on the happening of a stated event. For example, to A and his heirs, but if A dies without marrying, to B and his heirs. B has an executory interest. It is an executory interest created in a person other than the transferor.

What does executory interest mean?

What is the remainder in real estate? The condition that cuts short the estate is a condition subsequent. The estate already exists and then if the condition subsequent occurs, the estate will terminate early and go to the person holding the executory interest. Legal definition for EXECUTORY INTEREST : An ownership interest in real property that will pass to another person or party only if certain events occur or specific conditions are met.

Assume that Asa is a member of your law school. Otis to Amelia and her heirs provided the land is farme. If the condition is violate the grantor has the voluntary right to reclaim the estate Possibility of Reverter If the condition is.

O has an interest in reversion that is Fee simple subject to an executory interest. The Complete Real Estate Encyclopedia by Denise L. Grantee ceases to exist, the executory interest holder then becomes the Grantee. An executory devise is an executory interest created by will.

Example: Joe gives land to Harry, if Harry graduates from law school. On completion of the lesson, the student will be able to: 1. Explain a springing executory interest. Define an executory interest. There are types of future interests given to grantees: vested remainders, contingent remainders, executory interests. 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.

The interest will not revert to the grantor. Specifically, the rule forbids a person from creating future interests(traditionally contingent remaindersand executory interests) in property that would vest beyond years after the lifetimes of those living at the time of creation of the interest. Most people have heard of oil and gas lease bonuses, but let’s talk a little bit about what that means.

Whenever an oil company wants to drill a well on your property, they are required to either purchase the mineral interest from you or to get a lease of your interests in the minerals under your property. Ex: To Jones, so long as no one uses alcohol on the property, and then to Smith. In this situation, traditional descriptions would say the present interest is subject to a.

Executory Interest (RAP!) - Occurs if the interest will ONLY follow the violation of some condition. This act was occasioned by the extraordinary will of the late Mr. List the key identifying features of an executory interest.

Name the different types of executory interests. Identify executory interests based on the words that create them. Contrast remainders from executory interests. Click this tab to submit reports for your organization. On this page, you’ll find a list of the easements your organization or town has the grantee interest in.

Select the easement you are reporting for from the dropdown list. English dictionary definition of executory. Law Requiring something to be done or to happen before being.

An interest in property that includes the right to currently possess the property.