Conrad deeds the family estate to his son Michael, providing that if Michael ever divorces, title will revert to Conrad. This provision is an example of a(n):
Correct Answer
D) condition subsequent.
A condition subsequent is a stated event that, if it happens after title has already passed, cuts short the estate the grantee received. Michael takes ownership at once, but a divorce would defeat his estate and return title to the grantor, who has kept a power of termination. That timing, ownership first and possible loss later, is what separates a condition subsequent from a condition precedent.
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Related Concepts
A bargain and sale deed implies that the grantor holds title and possession of the property but does not include warranties against encumbrances or title defects.
The chain of title is the sequential history of all transfers of ownership for a specific property, from the original source (typically a government patent or grant) to the present owner. An unbroken chain is essential for marketable title.
The closing process, also called settlement, is the final step in a real estate transaction where documents are signed, funds are disbursed, and title is officially transferred from the seller to the buyer.
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