Grace owns a Virginia property in fee simple absolute. She executes a deed conveying the property to 'the City of Richmond so long as the land is used as a public park; if the land ceases to be used as a public park, the property shall revert to Grace or her heirs.' What type of ownership interest has the City of Richmond received?
Correct Answer
D) Fee simple determinable
The language 'so long as the land is used as a public park' and the automatic reversion upon cessation of that use creates a fee simple determinable. This estate automatically terminates and reverts to the grantor (or her heirs) the moment the specified condition is violated — no court action is required. The grantor retains a future interest called a 'possibility of reverter.' The words 'so long as,' 'while,' or 'during' are classic durational language signaling a fee simple determinable.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
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