Concepts Definitions
Estate of Inheritance: A freehold estate of indefinite duration that can be freely sold, gifted, or granted to designated heirs. A Fee Simple is also known as an Estate of Inheritance.
Perpetual Estate: A term synonymous with Fee Simple, indicating continuous ownership that can be passed down.
Fee Simple Estate: The highest possible ownership interest in real property, characterized by absolute rights and unlimited duration, freely transferable without severe qualifications or restrictions.
Freehold Estate: An estate of indefinite duration that can be freely sold, gifted, or granted to heirs, with a fee simple being its highest form.
Estate for Years: A leasehold interest for a specific, fixed period of time, which automatically terminates at the end of the specified term.
Less than Freehold Estate (Leasehold Estate): An interest in property held by a tenant, with rights of usage and interests that are more limited and typically of a shorter duration than freehold interests. It is considered personal property.
Life Estate: An interest in property that exists for the duration of a designated individual’s life, reverting to another party upon that individual’s death.
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