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Land
Methods of Land description
Term | Definition |
---|---|
Freehold Estate | Interest in real property for a lifetime or more. |
Non-freehold Estate | Leasehold Estate, interest in property for less than a lifetime and considered to be a personal interest. |
Fee-Simple Estate | Fee simple absolute |
Defeasable Fee Estate | Specified event that is stated as a condition placed on the deed. “Runs with the land” can only be used for a specific thing. |
Fee Simple Conditional | Terminates upon the violation of a certain activity that the owner must not perform. |
Life Estate | Granted to a person for a lifetime. |
Ordinary life Estate | Upon death of the life Tenant and the property reverts back to original person |
Estate in Remainder | The third party is said to own a remainder interest |
Dower Rights | Wife’s life estate in her husbands property conveyed to her. |
Homestead | Protects the holders principal residence from being sold by creditors to satisfy outstanding debts |