possession life estate for the grantors own life.Example:

Chapter 8 - Freehold Estates Flashcards Reservation (Voluntary Life Estates)The grantor (owner) transfers ownership but retains

possession (life estate) for the grantor's own life.Example:

A parent gives his son ownership of the parents home, but the parent continues to live in the home until his death, at which time the possesion then transfers to the son.Estate in Reversion (Voluntary Life Estates) Reverts back to the grantor after temporary ownership.Grantor gives the grantee a life estate but retains a future right to the property- for the life of the grantee or...- for someone else's life (for the life of another) Types of Life Estates1) Conventional Life Estate2) Voluntary Life Estates- Estate in Reversion- Estate in Remainder- Reservation3) Legal Life Estates- Homestead- Curtesy- Dower Types of Legal Life Estates (Homestead)Property occupied as the family home, in which the family is protected from being evicted by general creditors for personal debts.Types of Legal Life Estates (Dower)Interest in property a wife might acquire that her husband held at the time of his death.Types of Legal Life Estates (Curtesy)Interest in property given to the surviving husband that was owned by his wife at the time of her death.More about Life Estates...1) A life estate can be sold2) A life estate can be leased3) A life estate can be mortgaged4) A life estate cannot be willed or wasted5) And, if rights in a life estate are transferred to another while the life estate is in force, the receiver only gets what the owner of the life estate had (only those rights) Conventional Life EstateAn estate deeded to someone whose ownership is limited in duration to the length of their life of another. Life Estates

are non-inheritable and there are two types of life estates:

Voluntary and Legal.Two Types of Freehold Estate1) Fee Estates (have more rights)2) Life Estates

Two Types of Fee Estate1) Fee Simple: determinableAlso called fee simple

absolute. This is the highest form of ownership (max rights), continuing forever.2) Conditional or Defeasible

Fee:You own the property, but with certain conditions.

Estate in Remainder (Voluntary Life Estates) Reverts to the third party.Grantor gives the grantee a life estate that when it ends does NOT go back to the Grantor.All rights go to a predetermined third party (remainderman).When the life estate ends and the rights revert to the remainderman, the remainderman owns the

property in a "Fee Simple."Example: A parent gives his son

a home with the agreement that when the son passes

away, the home goes to his sister. The sister is the remainderman.What is a Fee Estate?A "Fee Estate" is inheritable and there are two types of fee estates Voluntary Life Estates1) Estate in Reversion2) Estate in Remainder3) Reservation What is a Freehold Estate?An interest in land which permits possession without interference from others.A "Freehold Estate" means

ownership of real property.

Types of Legal Life Estates (created by laws) 1) Homestead2) Curtesy3) Dower