EAGLESTAR.NET LAND AND PROPERTY REVIEW
http://www.eaglestar.net
Issue #81
November 13, 2009

IN THIS ISSUE:
Properties of the Week:
- KY (2), NE, OR & WA
Real Estate Roundup:
- Estates in Real Property, Pt. 1
Sponsor's Corner:
- Grande Vista Bay, TN
Auction News:
- IL, IN (2), NM, PA, & SC
Buyers List Update
LandTerms.com Term of the Week:
- Estate of inheritance


"Man must choose whether to be rich in things or in the freedom to use them."
- Ivan Illich (Austrian philosopher, b. 1926), from 'Deschooling Society'
(1971)


PROPERTIES OF THE WEEK
Willapa Bay Waterfront Retreat
Southbend, Pacific County, Washington
21 Acres - $395,500
Over 21 acres of beautiful forest waterfront on Willapa Bay. Very secluded and
quiet with over 1400 feet of bay frontage. Small, well-built house and several
outbuildings. Very productive water well. Powered by generator and wired for
alternative systems. Listing ID: 15923. Photos, map, and seller contact
information at http://www.eaglestar.net/ans.html

Equestrian Farm with Modernized Amish Home
Munfordville, Hart County, Kentucky
10 Acres - $245,000
Beautiful 3000 square foot Amish home with all the amenities. Has 9 stall barn,
lighted round pen, 9 fenced lots. 4 BR with office, 1BA. One BR easily
converted to bath. Electric heat/AC (two units) and propane heater. In country
but cable, high speed internet available. Listing ID: 24418. Photos, map, and
seller contact information at http://www.eaglestar.net/arm.html

Sparks Farm, Ltd. For Sale
Sidney, Cheyenne County, Nebraska
1,566 Acres - $888,000
Property is located midway between Sidney and Gurley, Nebraska. This land for
sale provides an opportunity to add dryland wheatland and pasture to your
current cattle, horse, livestock ranch, or farming operation. Listing ID:
25933. Photos, map, and seller contact information at
http://www.eaglestar.net/jrbck.html

5 Acres in the Oregon Outback
Christmas Valley, Park County, Oregon
5 Acres - $5,500
The property for sale is three 5 acre parcels in the Oregon outback. There is
power in the area, about a mile away. These three 5 acre parcels are located in
Christmas Valley which sits on the eastern side of the Cascade Mountains in
central Oregon. Buy one or all three. Listing ID: 25932. Photos, map, and
seller contact information at http://www.eaglestar.net/hfy2-.html

Lake Cumberland Area Home For Sale
Russell Springs, Russell County, Kentucky
11 Acres - $215,000
Private, wooded, lake-oriented home is now available only one mile from
Alligator Marina on Lake Cumberland. Custom built white brick home in a very
quiet and secluded country setting with mature shade trees. Listing ID: 22800.
Photos, map, and seller contact information at
http://www.eaglestar.net/str.html


REAL ESTATE ROUNDUP: ESTATES IN REAL PROPERTY
Part 1: Title vs. Estate; Estates with a Right of Inheritance
In the past few issues we've been talking about the term "title" and what it
means in real estate (Issues #78, #79, & #80). Real estate title is often
confused with the closely related legal concept of an "estate". In this issue
we attempt to succinctly explain the differences between the two. We also begin
the discussion about different types of title and their significance to
property owners, beginning with different types of "fee" ownership of real
estate.

You can read our 3-part series on title in our newsletter archives at
http://www.eaglestar.net/newsletter. Use the links to the right to find the
issues of your choice.

Title and Estates
Q: What is an estate in real property, and how is it different from title to
real property?
A: Along with "tenancy", the terms "title" and "estate" are often used
interchangeably, and rightfully so, since they often have complex and
overlapping definitions. Technically, title when used in real estate refers to
ownership of real property, and also to evidence of that ownership by a deed.
Another way to think about title is as the interest one holds in real property.
The term "estate" refers to the NATURE, AMOUNT, DEGREE, and EXTENT of the
interest one holds in real property. In order for an interest in real property
to be an estate in real property, the interest must be POSSESSORY. In other
words, one must have the right to possess the land, not merely to use it. An
easement is an example of an interest in real property that is not possessory,
and therefore not an estate. An estate in real property is also known as an
"estate in land" (even if no land is involved).

Estates in real property differ between common law and civil law countries;
this discussion is limited to estates that occur in common law countries, which
includes the U.S., England, and most of Canada. Even though all states of the
U.S. use the common law system, land laws, regulations, and even the methods
used to physically survey land can be quite different from region to region,
and even more so from state to state. Estates in real property can be divided
into two general categories: FREEHOLD and LEASEHOLD (the latter is also known
as a "less-than-freehold" estate). An interest in a leasehold estate may be
held in different ways, resulting in different types of tenancies, which we
will examine in a later issue. There are different types of both freehold and
leasehold common law estates that represent the different types and quantities
of possessory interest that can legally be held in real property.

Q: What does the term freehold mean?
A: In English feudal law, the term freehold signified an estate held by a free
man - the highest form of land tenure available at the time to commoners, or
those without royal blood. In contemporary common law countries, a freehold
estate is one that is free of other interests and can best be described as full
ownership, although certain conditions or limitations may apply. The two kinds
of freehold estates are those with a right of inheritance, and those without.
Freehold estates with a right of inheritance include "estates in fee simple
absolute" and "estates in fee simple defeasible".

Freehold Estates with a Right of Inheritance
Q: What is fee simple absolute?
A: An estate in fee simple absolute (also known as "fee simple", "fee", "estate
of inheritance", or "fee ownership") is the highest and most complete form of
land ownership under the common law system. Fee simple estates are limited only
by the governmental rights of taxation, eminent domain, escheat, and police
power. Holders of fee simple estates may transfer, gift, sell, will, or
otherwise dispose of real property in any way they wish, within the confines of
the law. Fee simple estates may be held indefinitely; in legal parlance, they
are said to "run forever".

For descriptions of eminent domain, police power, and escheat, see the Part 2
of the series on title at http://www.eaglestar.net/newsletter/index.cgi?ID=79

Q: What is fee simple defeasible?
A: An estate in fee simple defeasible is a less-than-absolute interest in real
property and is subject to certain conditions or contingencies, such as the
occurrence (or non-occurrence, as the case may be) of certain specified events.
There are two types of fee simple defeasible estates: qualified fee conditional
(or "subject to a condition subsequent") and qualified fee determinable.
Defeasible estates allow for recovery of fee simple ownership of the property
by a former owner (the "grantor") if the new owner (the "grantee") either
commits certain acts (qualified fee conditional), or fails to comply with a
special limitation (qualified fee determinable). Estates in fee simple
defeasible are of unlimited duration, provided that the conditions or special
limitations specified by the grantor are not violated or are continually met.
An estate in fee simple defeasible differs from one in fee simple absolute in
that it has a clearly defined potential endpoint.

Q: What is meant by an estate that is qualified fee conditional or subject to
condition subsequent?
A: An estate in qualified fee subject to condition subsequent is an estate in
which the former owner (in fee simple) has specified that the new owners, as
well as his or her heirs or assigns, cannot violate a stipulated condition. If
they do, the former owner retains the "right of re-entry", which allows him or
her to re-enter the land to make sure the condition has not been violated. The
right of re-entry is also the legal mechanism through which the current estate
ends and the former owner can recover fee simple ownership (a process known as
"reversion"). Generally, the right of re-entry can be exercised only if an
action is performed that has specifically been prohibited. Whether or not to
take legal action to recover fee ownership of the property is at the sole
discretion of the grantor of the estate.

For example, Mr. Smith owns land in fee simple absolute, which he sells to Mr.
Jones under the condition that the land not be used for industrial purposes,
even though industrial land use is permissible according to local zoning
regulations. If Mr. Jones constructs a factory on the property, or develops the
land for any other industrial purpose, the estate ends and Mr. Smith (or his
heirs) can regain ownership of the land. In order to recover the estate, Mr.
Smith or his heirs must petition a court with jurisdiction over real estate
matters.

Q: What is a qualified fee determinable estate?
A: An estate in qualified fee determinable is one that has been qualified with
a special limitation. If the new owner fails to comply with the special
limitation, the former owner has the right to recover ownership of the property
if the special limitation is not met. The grantor of a qualified fee
determinable estate retains the "possibility of reverter", which allows for
automatic reacquisition of ownership. In most cases, qualified fee determinable
estates end if a special limitation is not complied with or met. Qualified fee
determinable estates differ from those in qualified fee conditional in that
reversion is automatic and no court action is required.

For example, assume that Mr. Smith from the example above decides to sell his
land to Mr. Jones with the contingency that it can ONLY be used for industrial
purposes. In this case, if Mr. Jones uses the land for any purpose other than
industrial, Mr. Smith has the right to recover ownership.

Another example of an estate in qualified fee determinable is an age
requirement before ownership may be assumed - if the grantor specifies that the
grantee or his or her heirs must be 21 years old, and no such person exists,
then reversion occurs and the grantor, or his or her heirs, can recover the
former interest in the property - namely, an estate in fee simple absolute.

Q: Can fee simple defeasible estates (qualified fee determinable and qualified
fee conditional) be sold or transferred?
A: In most cases, yes. All subsequent owners must abide by the conditions or
special limitations stipulated by the grantor in order to avoid the possibility
of reversion.

Join us next week as we take a look at estates that don't have a right of
inheritance.


SPONSOR'S CORNER
Wooded Parcel, Grande Vista Bay
Rockwood, Roane County, Tennessee
1.7 Acres - $39,900
$39,900 or best offer! Private wooded lot with access to Watts Bar Lake, only
30 minutes to Knoxville. Beautiful vistas, rolling landscapes, and a huge bay
are just some of the reasons to come see what we have to offer at Grande Vista
Bay. Another is our state-of-the-art clubhouse, newly built. Once you come you
won't want to leave. Listing ID: 26287. Photos, map, and seller contact
information at http://www.eaglestar.net/Detailed/26287.html


AUCTION NEWS
Browse thumbnail photos and short property descriptions at
http://www.eaglestar.net/Land_Auction_Calendar/index.html

Wheelix Mission Ridge Subdivision
Auction: Wednesday, November 18, 2009
Boonville, Warrick County, Indiana
30 Acres
This property consists of the Wheelix Mission Ridge Subdivision which features
nice home sites and is approved for building. 30 acres offered for sale in 7
tracts: Six 2.5 acre lots and one 15 acre parcel. Listing ID: 26204. Photos,
map, and seller contact information at http://www.eaglestar.net/mdvs.html

Seneca Valley Farms For Sale
Auction: Thursday, November 19, 2009
Clayton, Union County, New Mexico
9,813 Acres
The Seneca Valley Farm property features 6,105 deeded acres with 3,976
irrigated. In addition, there are 3,550 acres of leased land. Don’t miss this
excellent investment opportunity. All the components to operate as a complete
farm / livestock property. It is being offered in 19 tracts and can be
purchased by individual tracts, combination of tracts, or as a whole. Listing
ID: 25822. Photos, map, and seller contact information at
http://www.eaglestar.net/bsn.html

Hunting and Fishing Land, Includes Anchor Lake
Auction: Saturday, November 21, 2009
Elberfeld, Warrick County, Indiana
151 Acres
This property is an outdoorsman's dream come true. Fish for fabulous big bass
and crappie, hunt waterfowl, deer and turkey all on your own land! The tracts
consist of 21, 30, 49 & 51 acres. Listing ID: 26132. Photos, map, and seller
contact information at http://www.eaglestar.net/cdel1-.html

Farm, Timber, and Hunting Land
Auction: Tuesday, November 24, 2009
Carmi, White County, Illinois
135 Acres
The land for sale is ideally suited for the investor looking for both tillable
farm land income, good timber and some outstanding deer and other wildlife. The
FSA office reports 98.3 acres tillable. Listing ID: 26205. Photos, map, and
seller contact information at http://www.eaglestar.net/cur5-.html

8 Parcels Hunting Land For Sale
Auction: Saturday, December 12, 2009
Aiken, Aiken County, South Carolina
360 Acres
Hunting property with excellent environment for whitetail deer and other game.
Good supply of cypress, white oak and other hardwood species. Selling in eight
parcels, ranging from 15 to 86 acres, you can offer bids on combinations to
achieve a property that that meets your needs perfectly. Listing ID: 26186.
Photos, map, and seller contact information at
http://www.eaglestar.net/dle3-.html

Commercial/Mixed-Use Acreage
Auction: Tuesday, December 8, 2009
Hermitage, Mercer County, Pennsylvania
1.88 Acres
A 81,980+/- sf (1.88+/- ac) parcel located in a growing commercial corridor.
The land is situated at a signalized intersection, with frontage and access to
two well traveled thoroughfares. Zoned commercial or multi-family dwellings.
Listing ID: 26352. Photos, map, and seller contact information at
http://www.eaglestar.net/ww5.html


BUYER'S LIST UPDATE
http://www.eaglestar.net/Land_Buyers_List/index.html

Find the properties you are looking for by placing unlimited free buyer's ads
on Eaglestar.net. This service is intended for serious inquiries only. It's
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http://www.eaglestar.net/pages/buyers.html to begin.

To contact a buyer, please call us at 800-239-3448 or 877-471-0077 or email us
at info@eaglestar.net and we will put you in touch with them. Please note this
is a service provided to EagleStar.net clients with PAID property listings
only.

Looking in: NE Texas
1 to 3 acres or 3 to 5 acres rural preferred in North East Texas. Prices will
vary as to the land/location. Please contact. We are retiring and would like
some land in the NE Texas area for a residence. Would like access and
utilities. Longview area and north preferred. Please refer to buyer #26328 and
#26329.

Looking for: property in California. Please refer to buyer #26259.

Looking in: lower to middle Tennessee.
Home, shop/barn, pond/lake a plus but must have a spring or creek, well water
or drinkable spring a must, 20 acres or more. Please refer to buyer #26260.

Looking in: Texas. 20 acres, wooded with a pond or ponds and out-buildings.
Please refer to buyer #26202.

Looking for: property in Pennsylvania. Please refer to buyer #26200.

Looking in: Georgia. 20-40 acres wooded land. Please refer to buyer #26184.

Looking in: Anywhere. We are looking for joint ventures where the client owns
the land free and clear. Please refer to buyer #26133.


LANDTERMS.COM TERM OF THE WEEK
http://landterms.com
Each issue we feature a real estate, forestry, natural sciences or other
land-related term from our partner site, LandTerms.com.

Estate of inheritance
1. An interest in real property that can legally be passed on to one's heirs,
usually done by will (devise).
2. In real estate, an estate of inheritance is technically an interest in real
property that is either fee simple absolute or fee simple defeasible, since
both carry rights of inheritance. In practical use, an estate of inheritance
usually refers only to an estate in fee simple absolute.

Find thousands of land-related terms, definitions, articles, abbreviations,
quotations, and more at Landterms.com! Click on the "Categories" link at the
top of each page to see the list of over 35 categories.


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