Estate in Land - Categories of Estates

Categories of Estates

Estates in land can be divided into four basic categories:

  1. Freehold estates: rights of ownership
    • fee simple (fee simple absolute)—most rights, least limitations, indefeasible
    • defeasible estate—voidable ownership
    • finite estate—limited to lifetimes
      • life estate—fragmented ownership for duration of someone's life
      • fee tail—inalienable rights of inheritance for duration of family line
  2. Leasehold estates: rights of possession and use but not ownership. The lessor (owner/landlord) gives this right to the lessee (tenant). There are four categories of leasehold estates:
    1. estate for years (tenancy for years)—lease of any length with specific begin and end date
    2. periodic estate (periodic tenancy)—automatically renewing lease (month to month, week to week)
    3. estate at will (tenancy at will)—leasehold for no fixed time or period. It lasts as long as both parties desire. Termination is bilateral (either party may terminate at any time) or by operation of law.
    4. tenancy at sufferance—created when tenant remains after lease expires and becomes a holdover tenant, converts to holdover tenancy upon landlord acceptance.
    • Types of leases:
      • gross lease
      • net lease
      • percentage lease
  3. Statutory estates: created by law
    • community property
    • homestead
    • dower—interest a wife has in the property of her husband
    • curtesy—interest a husband has in the property of his wife
    • tenancy by entirety
  4. Equitable estates: neither ownership nor possession
    • lien
      • general
      • specific
    • easement
      • easement in gross
      • easement appurtenant
        • ingress
        • egress

Read more about this topic:  Estate In Land

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