Property Ownership
In South Carolina, a 'fee simple defeasible' estate is one that:
ACannot be transferred to heirs
BMay be terminated if a condition is violated or not fulfilled✓ Correct
CIs owned free and clear with no encumbrances
DIs limited to 99-year terms
Explanation
A fee simple defeasible is a fee simple ownership that may be terminated upon the occurrence of a specified event or failure of a condition. Examples include fee simple determinable and fee simple subject to condition subsequent.
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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.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
Promissory NoteA written promise to repay a loan under specified terms — the borrower's personal financial obligation in a real estate transaction.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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