Contingent ownership is a type of future interest in land that only comes into effect if a certain condition occurs. It grants a conditional interest fee on the land, which can be sold or transferred. Contingent properties were once not alienable but are now freely alienable in most US jurisdictions and the UK.
In the common law of real property, any type of right to control or possess real property is called an estate. There are many types of properties, each giving a different type of interest in the land. If such land interest begins in the future upon the occurrence of an event which it is not certain will occur, it is referred to as contingent ownership. This type of land interest is called contingent ownership because it comes into being only if a possible but not certain condition occurs. The inheritance is therefore conditional on the occurrence of that future event.
A contingent property is a type of future interest in land. Future interests are those in which the right to own or control real property is not yet in force but will arise in the future. If and when the particular condition occurs, then that contingent power will come into effect. However, it is always possible that this condition does not occur and that the quota never takes effect.
The absolute legal possession and ownership of real property is called an interest in that property. Contingent real estate typically grants a conditional interest fee on the land in question. It is conditional in the sense that when a certain condition is met, the rent interest on the land is transferred to the prospective owner. The person who held interest on the fee prior to that condition holds a determinable fee, also known as a simple determinable fee. This is commission interest which may terminate when the relevant condition is met.
One sort of contingent ownership that was once quite common was the granting of ownership “to A for life and then to B’s heirs.” Person B’s heirs in that case had a contingent estate called contingent remainder. If Person A died, Person B’s heirs would have taken the rent interest on the land. However, that interest was conditional on Person B having heirs alive at the time of Person A’s death. If Person B had no heirs, Mother A died, the rent interest would pass to the original grantor or heirs. of the grantor.
Originally, contingent properties were not alienable. In other words, they could not be sold or transferred. In the early 21st century, however, contingent properties are freely alienable in the UK and most US jurisdictions. A person is free to sell any future right to own and control the property in question.
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