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ESTATES:
If the estate is in the real property, you have a real estate interest. Real property estates fall into two major classifications: Freehold estates and a less than Freehold estates.
Freehold estates-a Freehold estate refers to ones interest as an owner of real property.
Freehold estates can be subdivided into fee estates and life estates. The estates or fee simple estates can be divided into: -the fee simple absolute, which the owner holds the doubt any qualification or limitations via private deed restrictions. This is the highest form of interest and individual can have in land.
-fee simple qualified, which the owner holds subject to special conditions, limitations, or private deed restrictions that limit the use of the property.
Life estates are created by deed or will for the life of one or more human beings.
The life tenant has all the rights of possession, or income, during the life of the designated person. However, the holder off a life estate cannot deed or lease a property beyond the life of the designated person. If the person granting the life estate designates the title is to go to some other person upon the death of the life estate holder, the person so designated it said to have an estate in remainder.
Less than Freehold estates.
Less than Freehold estates interest
held by tenants will rent or lease property. There are also called
lessees, or lease holders.
Methods of holding title.
When people a quiet ownership of real property, they must decide how to hold title. Title may be held separately in your name alone, or with other people.
Ownership in severalty.
When a person acquires real property and holds title solely in his or her own name, it is technically known as ownership in severalty. A person can hold title in severalty in one of the following ways: a single man, a single women, and unmarried man, and unmarried women, a married man, a married woman, a widower, a widow. |