Definition: A freehold estate with a less-than-absolute interest in real property, subject to certain conditions or contingencies such as the occurrence (or non-occurrence, as the case may be) of certain specified events. There are two types of estates in qualified fee: qualified fee conditional (also known as subject to condition subsequent) and qualified fee determinable. Estates in qualified fee allow for recovery of fee simple ownership of the property by the grantor if the grantee either commits certain acts (qualified fee conditional), or fails to comply with a special limitation (qualified fee determinable). Estates in qualified fee are of unlimited duration, but only if the conditions or special limitations specified by the grantor are not violated or are continually met. An estate in qualified fee differs from one in fee simple absolute in that it has a clearly defined potential endpoint, and the property interest is less than fee ownership.
Same as Fee simple defeasible or Fee simple qualified.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Legal (Law), Management

Definition:
An estate in qualified fee conditional is one in which the former owner in fee simple (the grantor) has specified that the new owner (the grantee), as well as his or her heirs or assigns, cannot violate a stipulated condition. If they do, the former owner retains the right of re-entry, which allows him or her to re-enter the land to make sure the condition has not been violated. The right of re-entry is also the legal mechanism through which the current estate ends and the former owner can recover fee simple ownership (a process known as reversion). Generally, the right of re-entry can be exercised only if an action is performed that has specifically been prohibited. Whether or not to take legal action to recover fee ownership of the property is at the sole discretion of the grantor.
Also known as Qualified fee subject to condition subsequent.

Example: Mr. Smith owns land in fee simple absolute, which he sells to Mr. Jones under the condition that the land not be used for industrial purposes, even though industrial land use is permissible according to local zoning regulations. If Mr. Jones constructs a factory on the property, or develops the land for any other industrial purpose, the estate ends and Mr. Smith (or his heirs) can regain ownership of the land. In order to recover the estate, Mr. Smith or his heirs must petition a court with jurisdiction over real estate matters.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Legal (Law), Management

Definition:
An estate in qualified fee determinable is a freehold estate in real property that has been qualified with a special limitation. If the new owner (grantee) fails to comply with the terms of the limitation, the former owner (grantor) has the right to recover ownership of the property. The grantor of an estate in qualified fee determinable retains the possibility of reverter, a future interest and right of reversion which, if exercised, ends the estate in qualified fee and allows for automatic reacquisition of ownership. Estates in qualified fee determinable, together with estates in qualified fee conditional, are the two primary examples of estates in fee simple defeasible, also known as estates in qualified fee. Qualified fee determinable estates differ from those in qualified fee conditional in that reversion is automatic and no court action is required.

Example: Mrs. Brown owns a parcel of land in fee simple and decides to sell it to Mrs. Garcia, with the contingency that a specified portion of the property must be used for agricultural purposes only. If Mrs. Garcia uses that part of the property for any purpose that is not agricultural, Mrs. Brown has the right to recover fee ownership. Whether or not she may recover all of the property or just that portion where the violation of the special condition occurred depends on the wording of the deed, the document used to create the estate in qualified fee.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Legal (Law), Management

Definition:
An estate in qualified fee subject to condition subsequent is a freehold estate in which the former owner in fee simple (the grantor) has specified that the new owner (the grantee), as well as the grantee's heirs or assigns, cannot violate a stipulated condition. If they do, the former owner retains the right of re-entry, which allows him or her to re-enter the land to make sure the condition has not been violated. The right of re-entry is also the legal mechanism through which the current estate ends and the former owner can recover fee simple ownership (a process known as reversion). Generally, the right of re-entry can be exercised only if an action is performed that has specifically been prohibited. Whether or not to take legal action to recover fee ownership of the property is at the sole discretion of the grantor.
Same as qualified fee conditional.

Example: Mr. Smith owns land in fee simple absolute, which he sells to Mr. Jones under the condition that the land not be used for industrial purposes, even though industrial land use is permissible according to local zoning regulations. If Mr. Jones constructs a factory on the property, or develops the land for any other industrial purpose, the estate ends and Mr. Smith (or his heirs) can regain ownership of the land. In order to recover the estate, Mr. Smith or his heirs must petition a court with jurisdiction over real estate matters.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Legal (Law), Management

A method of estimating construction cost or reproduction cost; a highly technical process used in arriving at the cost estimate of new construction and sometimes referred to in the building trade as the price take-off method

The right of a new owner or a lessee legally in possession to uninterrupted use of the property without interference from the former owner, lessor or any third party claiming superior title

Noun: A lawsuit in a court with jurisdiction over land disputes, such as a circuit or superior court, intended to establish or settle the title to a particular property, especially where there is a cloud on the title or claims against the title are being made.
Verb: To make, cause, or create a condition where disputed title to real property has been established or settled.

A lawsuit in a court with jurisdiction over land disputes, such as a circuit or superior court, intended to establish or settle the title to a particular property, especially where there is a cloud on the title or claims against the title are being made.

A deed of conveyance which operates, in effect, as a release of whatever interest the grantor has in the property; sometimes called a release deed