Asked by keith sanders on Jun 23, 2024
Verified
A life estate may not be reserved by a vendor who sells land in fee simple.
Life Estate
A legal right to use and derive benefit from property for the duration of one's life, after which control reverts to another party.
Fee Simple
A type of freehold ownership where the owner has the greatest possible rights over the land forever.
- Classify the different estates in land and enumerate their unique traits.
Verified Answer
SH
Stephanie HarrisonJun 25, 2024
Final Answer :
False
Explanation :
A life estate can indeed be reserved by a vendor who sells land in fee simple, as the vendor can stipulate that they retain a life estate in the property while transferring the remainder interest to the buyer.
Learning Objectives
- Classify the different estates in land and enumerate their unique traits.