Sam leaves Amy a piece of property to have and hold for her lifetime (answer attached) - 14432

Solution Posted by
Solution Detail
Price: $12.00
  • From: Business,
  • Posted on: Fri 19 Oct, 2012
  • Request id: None
  • Purchased: 0 time(s)
  • Average Rating: No rating
Request Description

 

1.     Sam leaves Amy a piece of property to have and hold for her lifetime. What type of estate does Amy have?

2.     Scott leaves his house "to Stacey and her heirs forever." What type of estate does Stacey have?

3.     Mandy is moving across the country and she transfers a tract of lakefront property to her cousin Bill "to have and to hold so long as the land remains undeveloped and in its natural state. Otherwise, I have the right to recover the property." What type of estate does Bill have?

4.     What will happen to the property if Bill starts to clear the land to construct a cabin?

5.     Marc transfers property that he owns in fee simple absolute to Rachel for Stella's lifetime. What type of estate does Rachel have?

6.     If Stella dies, what will Rachel's interest be?

7.     If Stella dies, what will Marc's interest be?

8.     If Rachel dies, what will Stella's interest be?

9.     In his will, Ray transferred property in an impoverished neighborhood to Grace "to have and to hold as long as it is used for a day care center. If not used for a day care center, it goes to Finn forever." What type of estate does Grace have?

10.  If Grace closes the day care center, what will Ray's heirs interest be?

11.  If Grace closes the day care center, what will Finn's interest be?

12.  What interest does Finn currently have in the property?

Task 2: Co-Ownership of Real Property

Complete the Co-Ownership Chart to compare the characteristics of the various forms of co-ownership.

·         Co-Ownership Chart:

·          

 

Number of

Owners?

Right of

Survivorship?

Right to

Partition?

Quantity

Of Interest?

Right to

Sell Individual Interest?

Joint

Tenants

   

(varies by state)

   

Tenants

in Common

         

Tenants by

the Entirety

         
Solution Description

 

1. Sam leaves Amy a piece of property to have and hold for her lifetime. What type of estate does Amy have?

A life estate allows the grantee, a life tenant, to enjoy the use of the property for the length of the measuring life. The measuring life is either that of the life tenant or a third party.

2. Scott leaves his house "to Stacey and her heirs forever." What type of estate does Stacey have?

Fee simple absolute: A fee simple absolute is the broadest property interest possible. It must be created by the words "To A and his heirs" or "To A."

Attachments
Estates.doc
Estates.doc
Sam.doc
Sam.doc