LAW - Estates

estate at will

Tenancy at will a leasehold estate hat continues for an indefinite period of time so long as both parties consent, with no fixed period or any renewal periods terminable by one or both parties

Qualified Fee estate

a fee estate potentially unlimited duration that does not terminate upon the death of the owner, but that will revert to the grantor if qualifications or conditions are violated also called conditional fee, defeasible fee or fee simple defeasible estate that is granted subject to a condition subsequent and terminable on happening of a condition

Condition

a future and uncertain event which, in a contract must happen to create an obligation of in a conveyance of real property, may cause an interest to be vested or defeated

devise

a gift or disposal of real property by last will and testament

less than freehold estates

a lease of limited duration that is considered to be a personal property interest also called non freehold estate, leasehold estate or chattel real

Grantee

a person to whom title or an interest is granted in a deed

Grantor

a person who grants title or an interest in property to another in a deed

leasehold estate

a tenants right to occupy real estate during the term of the lease. a personal property interest of the tenant

remainderman

a third party to who title will pass upon termination of a life estate he holds a reminder interest or estate in remainder during the entire term of the life estate

sale-leaseback arrangement

a transaction in which an owner sells the property, terminating his freehold estate and agrees to lease the property back from the purchaser under a long term lease

fee simple estate (fee estate)

an estate of inheritance in real property. The greatest interest that one can have in real property an estate that is unqualified, of indefinite duration, freely transferable and inheritable

life estate

an estate or interest in real property held for the duration of the life of one or more persons, including the person holding the estate or some other person Noninheritable freehold estate

Chattel REal

an estate related to real estate, such as a lease on real property

Demise

an estate that will end

periodic estate

an estate without a fixed termination date, it automatically renews at the end of each term month to month also called periodic tenancy

estate for years

an interest by virtue of a lease for the possession of real property for a definite and limited period of time may be for any specified period

Lease

conveyance of a lease hold estate in land an agreement to occupy property for a specified period of time any document or instrument that transfers procession and use of real property for specific consideration but does not transfer ownership

nonfreehold estates

estate which last for a lesser and temporary period of time a leasehold estate

Freehold Estates

estates that last indefinitely for one or more lifetimes or in perpetuity fee simple, life, reversion and remainder estates

estate in remainder

held by the person ( other than the grantor) to whom title will pass upon termination of a life estate

Landlord

one who rents his property to another the lessor under a lease

Estate

possessory right or ownership interest in real property the quantity of interest, share, right equity of which riches or fortune may consist in real property. the degree, quantity, nature and extent of interest in which a person has in real property

estate at sufferance

tenancy at sufferance an estate arising when the tenant wrongfully holds over after the expiration of the term the landlord may choose to evict the tenant as a trespasser or accept the tenant

fee simple absolute estate

the most complete form of ownership our law recognizes today. the estate has no condition and cannot be taken from the estate holder due to the occurrence of any event other than the death of the estate holder without any living heirs

tenant

the person who occupies the property in a lease the lessee

Reversion

the right to future possession or enjoyment by the person who created a life estate or by the lessor upon termination of a lease