15:36
Honestly, I might put a Chi R on my app page since I withdrew due to missed II waves
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Simple English definitions for legal terms
remainder (property law)
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A quick definition of remainder (property law):
A remainder is a type of ownership in real estate that someone will have in the future. This person, called the remainderman, will be able to own and use the property when the current owner's ownership ends naturally, like when a certain number of years pass or when the current owner dies. The remainder must be written in the same document that gives the current ownership to someone else. There are two types of remainders: vested and contingent. A vested remainder means that a specific person will own the property when the current ownership ends. A contingent remainder means that someone will own the property only if certain conditions are met, like if the person who was supposed to own it dies before the current ownership ends. This is different from a reversion, which means the property goes back to the person who originally owned it or their family when the current ownership ends.
A more thorough explanation:
A remainder is a type of future interest in real estate that is transferred to the remainderman or transferee under property law. The remainderman has the right to possess the property at the natural end of a previous property formed by the same instrument. This means that the preceding property must be one that can end naturally, such as when a period of years expires or a life tenant passes away.
A remainder must be included in the same document, such as a deed, that gives the current interest to another person in order for it to be effective. A remainder is different from a "reversion," which gives the title back to the grantor of the property or to the grantor's descendants upon the occurrence of a certain event.
There are two types of remainders in property law: contingent remainders and vested remainders.
A vested remainder is owned by a specified individual and is subject only to the expiration of the preceding property interests. For example, if A grants her brother B the property deed for life, and upon B's death, the land deed to C, B's son, or C's offspring if he does not live. C holds a vested remainder, and his offspring will inherit a "contingent remainder" if C dies before the title passes.
A contingent remainder is one for which the holder has not been identified or for which a condition prior must be met. For example, if A grants her brother B the property deed for life, and upon B's death, the land deed to C if he graduates from college. C holds a contingent remainder because he must meet the condition of graduating from college before he can inherit the property.
In summary, a remainder is a future interest in real estate that is transferred to the remainderman under property law. It is important to distinguish between vested and contingent remainders, as they have different ownership and inheritance rights.