Here is a guide to Land Property Ownership Terms:
Fee Simple
A Fee Simple (or Fee Simple Absolute) is an estate in land.
It is the most common way real estate is owned in common law
countries and generally, the most complete ownership interest that can be had
in real property(short of allodial title).
Leashold
Leasehold is a form of property tenure where one party buys
the right to occupy land or building for a given length of time.
A lease is a legal estate, leasehold estate can be bought
and sold on the open market and differs from a tenancy where property is let on
a periodic basis.
Until the end of the lease period (often measured in
decades) the leaseholder has the right to remain in occupation as an assured
tenant paying agreed rent to the owner.
Life Estates
A Life Estate is a concept used in common law and statutory
law to designate the ownership of land for the duration of a person’s life.
In legal terms it is an estate in real property that ends at
death.
The owner of a life estate is called a "life tenant”.
Joint Tenancy
Joint Tenancy is a form of ownership by two or more
individuals together.
It differs from other types of co-ownership, in that the
surviving joint tenant becomes the owner of the whole property upon the death
of the other joint tenant. This is referred to as the "Right of Survivorship.
A Tenancy In Common
A Tenancy In Common is another form of co-ownership. It is
the ownership of an asset by two or more individuals together, but without the
rights of survivorship that are found in a joint tenancy..
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Marlene Liontis
Wednesday, 11 March 2020
