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ESTATES
Types of Estates
Term | Definition |
---|---|
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 |