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ESTATES

Types of Estates

TermDefinition
FREEHOLD ESTATES owner holds fee simple title of indefinite duration
NON-FREEHOLD ESTATES limited duration such as leases
FEE SIMPLE ABSOLUTE complete ownership,inheritable,infinite duration
FEE UPON CONDITION/ FEE SIMPLE DEFEASIBLE a conveyance from grantor to grantee with conditions..ie: you can not do a particular thing on the property and if you do the contract can/will be terminated by grantor/heirs
FEE SIMPLE DETERMINABLE/FEE SIMPLE DEFEASIBLE a conveyance from grantor to grantee..ie: if you open a liquor store on the property contract will be terminated
LIFE ESTATE grantor allows grantee to use the estate for life, terminates at death of grantee
REMAINDER a remainderman is given after the death of a life estate
DOWER AND CURTESY Spousal Inheritance Rights/ each has the right to hold 1/3 of all land owned by the deceased at time of death
TENANCY IN COMMON
Created by: jojofrye1
Popular Real Estate sets

 

 



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