FIN 319 Chapter Notes - Chapter 3: Fee Simple, Life Estate, Constructive Notice
13 May 2016
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Easement by necessity - an easement allowed by law as necessary for the full enjoyment of a parcel of real estate (e. g. , right of ingress and egress over grantor"s land) Defeasible fee estate - an estate in which the holder has a fee simple title that may be divested upon the occurrence or nonoccurrence of a specified event. Fee simple on condition precedent & fee simple on condition. Subsequent - two types of defeasible fee estates. Legal life estate - a form of life estate established by state law, rather than created voluntarily by an owner; becomes effective when certain events occur. Inverse condemnation - an action bought by a property owner seeking just compensation for diminished use and value of land because of an adjacent property"s public use. Lis pendens - a recorded legal document giving constructive notice that an action affecting a particular property has been filed in either a state or a federal court.
