Property Attorneys
Property signifies dominion or right of use, control,
and disposition which one may lawfully exercise over things, objects,
or land. One of the basic dividing lines between properties is that
between real property and personal property. Generally, the term real
property refers to land.
Land, in its general usage, includes not only the face of the earth
but everything of a permanent nature over or under it. This includes
structures and minerals.
There are further divisions within the real property classification.
The most important are freehold estates, no freehold estates, and concurrent
estates. (Others are future interests, specialty estates, and incorporeal
interests). Freehold estates are those in which an individual has ownership
for an indefinite period of time.
An example of a freehold estate is the "fee simple absolute", which is
inheritable and lasts as long as the individual and his heirs wants to
keep it. Another example is the "life estate", in which the individual
retains possession of the land for the duration of his or her life. No
freehold estates are property interests of limited duration. They include
tenancy for years, tenancy at will, and tenancy at sufferance.
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