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Estate in Land
Defines the degree, quantity, nature, and extent of a person’s interest (Possessory or potentially possessory)
Ownership
Is characterized by duration
Freehold Estates
Uncertain duration
Fee Simple Absolute State
Complete ownership with no conditions or limitations
What estate is The highest form of ownership recognized by law?
Fee Simple Absolute
What estate runs for an indefinite duration?
Fee simple absolute
What estate has full transferability?
Fee simple absolute
Fee Simple Defeasible
Ownership with no specific conditions or terms
What estate has no duration, so long as conditions are met?
fee simple defeasible
What kind of estate has transferability but its subsequent owners must abide by conditions?
fee simple defeasible
Nonfreehold Estate (leasehold estate)
Based on a fixed calendar time
Estate for years
lease with a definite duration
Leasehold Estate (tenancy at will)
Exists for an uncertain duration
Conventional Life Estate
life tenant enjoys full use of that property for their lifetime, after which the property either reverts to the grantor or is transferred to another party