Texas Principles Of Real Estate 1 -
Chapter 10
Interests
ownership of any bundle of rights
enjoys the right of possession
have an estate in land
eminent domain
takes private property for public use
government entities can create easements though this method
Escheat
owner dies and there isnt an heir
in texas law says property goes to state
fee simple
highest form of ownership interest
owner is the fee tenant
freehold estate
not limited by lifetime
fee simple absolute
passed to heirs without trouble
fee simple defesible
conditions can be made and can revert to previous owner for violation of conditions
life estate
limited to owners lifespan
passes to another upon owners death
, remainder
interest of a named party (remainder man) to receive estate after holders death
reversion
interest of previous owners heirs to receive estate after holders death
life tenant
life estate holder
conventional life estate
grant from a fee simple property owner to grantee
rights pass to remainder man or previous owner
ordinary life estate
ends with death of life estate holder and may pass back to original owners or heirs
(reversion) or to a named 3rd party (remainder/remainder man)
pur ature vie life estate
endures over a lifetime of a third person after which the property passes from tenant
holder to the original grantor (reversion)or third party (remainder man)
homestead
ones principal (main) residence
dower
life estate interest of the wife
curtsey
life estate interest of the husband
elective share
right to claim deceased spouse's property in lieu of will
Chapter 10
Interests
ownership of any bundle of rights
enjoys the right of possession
have an estate in land
eminent domain
takes private property for public use
government entities can create easements though this method
Escheat
owner dies and there isnt an heir
in texas law says property goes to state
fee simple
highest form of ownership interest
owner is the fee tenant
freehold estate
not limited by lifetime
fee simple absolute
passed to heirs without trouble
fee simple defesible
conditions can be made and can revert to previous owner for violation of conditions
life estate
limited to owners lifespan
passes to another upon owners death
, remainder
interest of a named party (remainder man) to receive estate after holders death
reversion
interest of previous owners heirs to receive estate after holders death
life tenant
life estate holder
conventional life estate
grant from a fee simple property owner to grantee
rights pass to remainder man or previous owner
ordinary life estate
ends with death of life estate holder and may pass back to original owners or heirs
(reversion) or to a named 3rd party (remainder/remainder man)
pur ature vie life estate
endures over a lifetime of a third person after which the property passes from tenant
holder to the original grantor (reversion)or third party (remainder man)
homestead
ones principal (main) residence
dower
life estate interest of the wife
curtsey
life estate interest of the husband
elective share
right to claim deceased spouse's property in lieu of will
