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Land

Methods of Land description

TermDefinition
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
Created by: Jgjg
Popular Real Estate sets

 

 



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