What does defeasible mean in real estate?

What does defeasible mean in real estate?

Fee simple defeasible is a legal term and type of property ownership, where the ownership is dependent on specific conditions. If the conditions of ownership are violated, the property may be returned to the grantor or to a specified third party.

What are the two kinds of Defeasible estates?

Two types of defeasible estates are the fee simple determinable and the fee simple subject to a condition subsequent.

What are the two types of fee simple Defeasible estates?

There are two kinds of Fee Simple: Absolute or Defeasible….Defeasible Fee Simple

  • Fee Simple Determinable: The estate will be automatically terminated if the stated condition occurs.
  • Fee Simple Subject to Condition Subsequent: The estate is similar to a fee simple, but has a condition attached.

What is a determinable estate?

a determinable fee simple estate is one that automatically terminates upon the occurrence of a specified event or the cessation of use for a specified purpose and will revert to the grantor without any entry or other act…

Can a mortgage be defeasible?

Defeasance clauses are not found in mortgages based upon the lien theory, observed in most states. Since the mortgage has not been given defeasible title, there is no need for a defeasance clause.

What’s the definition of defeasible?

Definition of defeasible : capable of being annulled or made void a defeasible claim.

Are life estates defeasible?

Property Law. A defeasible life estate is one that terminates upon the occurrence of a specified event or condition or upon the death of the life tenant, whichever occurs first (e.g., A conveys property to B for life as long as the property is used for residential purposes).

What does defeasible title mean?

Definition of “Defeasible title” Title that can be made null and void or defeated upon the satisfaction of a claim or the completion of some future contingency.

What is defeasible clause?

A provision of a mortgage—an interest in land given to a mortgagee-lender to secure the payment of a debt—which promises that the mortgagor-borrower will regain title to the mortgaged property when all the terms of the mortgage have been met.

What is defeasible law?

Sometimes legal arrangements are said to be defeasible in the sense that they can be upset or set aside despite an initial appearance of validity and durability.

What makes an argument defeasible?

Reasoning is defeasible when the corresponding argument is rationally compelling but not deductively valid. The truth of the premises of a good defeasible argument provide support for the conclusion, even though it is possible for the premises to be true and the conclusion false.

What does it mean to have a defeasible estate?

Defeasible estate. Upon the happening of the event or condition stated by the grantor, the transfer may be void or at least subject to annulment. (An estate not subject to such conditions is called an indefeasible estate.) Historically, the common law has frowned on the use of defeasible estates as it interferes with the owners’ enjoyment…

When is a defeasible fee simple estate void?

A defeasible fee simple is a fee simple estate that could be removed for a reason established in the granting document. If an event or happening occurs, the transfer could be void.

What is the legal definition of defeasible by agreement?

Legal Definition of defeasible. : subject to or capable of being annulled or made void a defeasible interest his rights are not defeasible by agreement — J. D. Calamari and J. M. Perillo.

What are the different types of fee simple estates?

Fee Simple Estates are the most common and grant a complete interest in land (its yours to be used without conditions or limitations). There are two kinds of Fee Simple: Absolute or Defeasible.