Contingent Interests in Property Law

An interest in property can be created with a condition that, if a specific event occurs, the interest will cease to exist. The event must be legally valid to be a valid condition.

When an interest in property is created with the condition that the recipient performs a specific act, and no deadline is set, the condition is considered broken if they deliberately make performing the act impossible.

If there's a deadline for an act required to maintain an interest in property, and someone intentionally prevents it, they lose any benefit from the condition not being met.

If a person is intentionally prevented from fulfilling a condition with no specific deadline, the condition is considered fulfilled.

When an individual is faced with a choice between two or more options, they must decide which option to take. This decision is known as an election.

A third party can enforce a right or obligation linked to an immovable property against a transferee who had notice of it, if the right doesn't constitute an ownership interest or easement.

A transfer of immovable property by someone who appears to be the owner but may not have full authority can be valid if the transferee acted in good faith and took reasonable care to verify the transferor's power.

A transfer with a power to revoke can be revoked by a subsequent transfer for consideration, subject to any conditions associated with the revocation power.

If someone falsely claims to be authorized to transfer property and does so, the transfer can be valid at the transferee's option, if the transferor later acquires the necessary interest.

An interest in property that depends on a future uncertain event. It's not guaranteed and can be lost if the event doesn't happen.

A contingent interest becomes a vested interest when the uncertain event happens. This means the person now has a guaranteed right to the property.

An exception to the rule of contingent interests. If a person receives the income from property before reaching a specific age, their future interest in the property is not contingent.

A transfer of property to a group of people, but only those who reach a certain age will receive the property. Those who don't reach the age don't get anything.

A transfer of property where the future interest depends on a specific event happening. If the event doesn't happen before the current interest ends, the future interest is lost.

A transfer of property where the future interest goes to those who survive at a specific time. If the time isn't specified, it's determined when the current interest ends.

A transfer of property that is conditional on something happening. The ownership is subject to a specific condition.

A transfer of property to two people with the possibility of one inheriting the entire property. If one dies before the other, the surviving person gets all of it.

If a mortgagor improves mortgaged property during the mortgage, they usually don't have to pay for improvements beyond the cost of preserving the property from destruction or deterioration, or to meet legal requirements.

When the mortgagee of a mortgaged lease renews the lease, the mortgagor has the benefit of the new lease upon redemption unless they agreed otherwise.

If separate possession or enjoyment isn't possible, the accession (added property) is delivered with the main property. The mortgagor pays for necessary accessions that protect the property, and the profits from the accession are credited to them.

When multiple people own parts of a property and sell their combined shares, the sale proceeds are divided equally among them if their shares were equal in value, or proportionally to the value of their individual shares if they were unequal. This is true unless there's a specific agreement saying otherwise.

In a co-ownership scenario where a share of the property is sold without specifying which owner's portion is being transferred, the sale is assumed to be taken equally from each owner if their shares were initially equal, or proportionally according to their individual shares if they were unequal.

The right to use and enjoy property for a lifetime, after which the ownership reverts to someone else.

The right to inherit property after the death of someone who held a life interest in it.

A legal arrangement where ownership or rights are transferred from one person to another, usually in exchange for money or other valuable consideration.

The parties involved in a transfer of property who are giving up their rights or ownership.

The amount of money or other assets exchanged for the transfer of property.

When multiple individuals co-own a property, they are known as co-owners.

The seller guarantees that the buyer will receive a clean title without any hidden encumbrances on the property. This means there are no unpaid debts or claims affecting the property's ownership.

The seller is responsible for ensuring that the property is in good condition, meeting the standards of a reasonably careful owner. This means taking proper care of the property and its documents until the transfer is complete.

The buyer has the right to occupy the property in a way that is consistent with its nature. The seller must provide the buyer with access and control over the property.

The seller is responsible for clearing all existing debts, taxes, and charges related to the property before the transfer. This includes ensuring there are no outstanding payments or claims against the property.

The seller is legally obliged to inform the buyer about any existing liens or encumbrances on the property. These are any claims or debts affecting the property's ownership.

The seller is obligated to deliver all documents related to the property, such as deeds, titles, and other relevant paperwork, to the buyer once the purchase price is fully paid.

The buyer has the right to receive any documents that prove the seller's rightful ownership of the property and their ability to transfer that ownership to the buyer.

If the seller is acting in a fiduciary capacity, meaning they are managing the property for someone else, they are bound to ensure that their actions have not negatively affected the property's ownership or ability to be transferred. They must have acted honestly and responsibly throughout the process.