Henry conveys his Virginia property to his daughter Fiona 'for life, then to Fiona's children.' Fiona has two adult children, Owen and Nora. Fiona later decides to sell the property to a developer. What can Fiona legally convey to the developer?
Correct Answer
A) Only her life estate interest — the developer's ownership ends when Fiona dies.
A life tenant can only convey what they own — a life estate. Fiona holds a life estate, which means her ownership interest lasts only as long as she lives. She can sell, lease, or mortgage her life estate interest, but the buyer (the developer) receives only that life estate. When Fiona dies, the developer's interest terminates and the property passes to Owen and Nora, who hold a vested remainder interest. This is the principle that a grantor cannot convey greater title than they possess (nemo dat quod non habet).
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Related Topics & Key Terms
Key Terms:
Related Concepts
The bundle of rights describes the rights associated with property ownership, allowing owners to use, control, enjoy, exclude others from, and dispose of the property.
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.
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