property

An executory interest that follows an interest that another grantee held.

See:  Future Interest

A rule of law that may apply to certain future interests.  Prohibited the conveyance of a future interest to the heirs of the grantee who received the possessory estate.  If the grantor tried to convey a future interest to the heirs of the grantee, the interest was considered to be to the grantee and not in the heirs of the grantee.

A future interest that the grantor keeps.  It follows an estate subject to a condition subsequent. 

Example:  From O to A, on the condition that A does not smoke.  If A smokes, O has the right to come in and reclaim the land.  Note that O must actually take action to get the land back

See:  Future Interest

A future interest that the grantor keeps.  It follows a determinable estate.

From O to A so long as A does not smoke.  Here, if A smokes, the land will automatically revert back to O. 

Note the durational language  (conditional language would create a Right of Entry)

See: Future Interest

A right to possession of land that is a future right as opposed to a present right.  It may be conditioned upon the occurrence of a certain condition or event.  It can also be uncoditional.  Contrast with a possessory estate.

Future interests are created at the formation of a defeasible estate.  The future interest will either take effect following the natural termination of the prior estate, or will cut shore the prior estate.
 

Also known as a present possessory estate.  The holder of this has the present or current right to possess the real property.  This may be contrasted with a future interest which is a future right to possess.  Present estates are divided into Non-Freehold Estates (in which the tenant does not hold possession - rents or leases) and Freehold Estates (in which the tenant does hold ownership).  There are three kinds of Fre

A periodic tenancy is a tenancy that continues for successive periods until the tenant gives the landlord notification that he wants to end the tenancy. This tenancy can be created expressly, or by implication, such as when a lease does not mention the duration of the tenacy, but arrangements were made for payments to be made at certain intervals. For termination of a periodic tenancy, notice must be given at least equal to the length of the period of the tenancy itself, unless the parties agree to different terms for termination.

A lease for a fixed period of time. For a tenancy for years lease, no notice is needed for termination, the lessee knows the termination date from the outset of the lease.

Individuals who are alive at the time of a particular conveyance of real property.

A life estate that is measured using the life of another.