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Legal Terms - conditional interest
An interest that can be forfeited at the creator's discretion upon the fulfillment of a predetermined condition; for instance, when A transfers land to B in fee simple with a rent charge and reserves the right of forfeiture in the event that payment is not made. The Law of Property (Amendment) Act 1926 states that a conditional interest in property can be considered a legal estate since it meets the requirements for being a *fee simple absolute in possession.
An interest that can be forfeited at the creator's discretion upon the fulfillment of a predetermined condition; for instance, when A transfers land to B in fee simple with a rent charge and reserves the right of forfeiture in the event that payment is not made. The Law of Property (Amendment) Act 1926 states that a conditional interest in property can be considered a legal estate since it meets the requirements for being a *fee simple absolute in possession.
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