PROPERTY RIGHTS
If an individual possesses an 'estate,' they essentially have the authority to make
decisions regarding their land or property. This includes activities such as
construction, alterations, and granting access to others. These estates are commonly
referred to as 'ownership rights.' There are two primary types of estates distinguished
by their duration:
FREEHOLD
The duration of exclusive ownership rights for a freehold estate is undefined.
Freeholds may be categorized as freeholds of inheritance or freeholds of life.
Freeholds of inheritance allow the estate to be bequeathed in a will, ensuring
continuous family ownership. Subtypes within this category include:
• Fee Simple: Inheritable by anyone
• Fee Tail: Inheritable only by specific individuals
Alternatively, one may hold a freehold estate for life, enjoying ownership rights until
death, at which point the estate reverts to another individual. If the estate is valid for
the duration of someone else's life, it is referred to as an estate per autre vie.
Different types of interests exist concerning an estate:
• In possession: The current holder possesses the estate.
• In remainder: Another individual currently possesses the estate, with the first gaining
possession afterward.
• In reversion: Possession of the estate reverts to the original owner.
LEASEHOLD
Leasehold estates have a predetermined duration from the beginning.
THIRD-PARTY INTERESTS
Third-party rights, also known as interests, include:
• Easement: Entering someone else's land to perform certain activities.
EQUITY AND TRUSTS
It is possible to hold an estate in trust, where trustees hold the legal title and direct
the estate's benefits to the beneficiary. Trusts can be expressed, where the settlor
consciously and expressly creates the trust, or implied, where equity considers the
implied purposes of a transaction, such as contributing to the purchase price.
If an individual possesses an 'estate,' they essentially have the authority to make
decisions regarding their land or property. This includes activities such as
construction, alterations, and granting access to others. These estates are commonly
referred to as 'ownership rights.' There are two primary types of estates distinguished
by their duration:
FREEHOLD
The duration of exclusive ownership rights for a freehold estate is undefined.
Freeholds may be categorized as freeholds of inheritance or freeholds of life.
Freeholds of inheritance allow the estate to be bequeathed in a will, ensuring
continuous family ownership. Subtypes within this category include:
• Fee Simple: Inheritable by anyone
• Fee Tail: Inheritable only by specific individuals
Alternatively, one may hold a freehold estate for life, enjoying ownership rights until
death, at which point the estate reverts to another individual. If the estate is valid for
the duration of someone else's life, it is referred to as an estate per autre vie.
Different types of interests exist concerning an estate:
• In possession: The current holder possesses the estate.
• In remainder: Another individual currently possesses the estate, with the first gaining
possession afterward.
• In reversion: Possession of the estate reverts to the original owner.
LEASEHOLD
Leasehold estates have a predetermined duration from the beginning.
THIRD-PARTY INTERESTS
Third-party rights, also known as interests, include:
• Easement: Entering someone else's land to perform certain activities.
EQUITY AND TRUSTS
It is possible to hold an estate in trust, where trustees hold the legal title and direct
the estate's benefits to the beneficiary. Trusts can be expressed, where the settlor
consciously and expressly creates the trust, or implied, where equity considers the
implied purposes of a transaction, such as contributing to the purchase price.
