Property Ownership
Under New York law, a 'fee simple subject to a condition subsequent' means:
AThe grantee's ownership automatically ends if the condition fails
BThe grantor retains a right of re-entry — if the condition is violated, the grantor may choose to re-enter and reclaim the property (but it doesn't automatically revert)✓ Correct
CThe property is owned in fee simple with no conditions
DThe grantee must pay a premium fee after 10 years
Explanation
A fee simple subject to a condition subsequent grants ownership that continues after a specified condition occurs, but the grantor retains a 'right of re-entry' (or power of termination). Unlike a fee simple determinable (which automatically reverts when the condition fails), the fee simple on condition subsequent requires the grantor to take affirmative action to reclaim the property after the condition is violated.
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Key Terms to Know
Fee Simple
The highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
EasementA non-possessory right to use another person's land for a specific purpose.
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