An estate is the right, interest, or nature of interest, a person has in real property. Estate is a term used in the common law. ... Real property is a legal term encompassing real estate and ownership interests in real estate (immovable property). ...
The Bundle of Rights - privileges, benefits, & amenities associated with ownership include the rights to possess, occupy, use, exclude others from, sell, lease, mortgage, give away, abandon the property, or finally the right to refuse to exercise any of these rights. The bundle of rights theory is a common way of explaining how rights in property are held. ... Ownership is the state or fact of exclusive possession or control of some thing, which may be an object or some kind of property. ... Sell can mean: A verb relating to Sales Sell (professional wrestling) In Investing to give up control of an asset in exchange for a valuable consideration. ... This article or section should include material from Tenancy agreement A lease is a contract conveying from one person (the lessor) to another person (the lessee) the right to use and control some article of property for a specified period of time (the term), without conveying ownership, in exchange for... A mortgage is a method of using property as security for the payment of a debt. ...
Categories of estates
Estates in land can be divided into four basic categories: Real property is a legal term encompassing real estate and ownership interests in real estate (immovable property). ...
Freehold estates: rights of ownership
fee simple (fee simple absolute)—most rights, least limitations, indefeasible
conditional, defeasible, or determinable fee—voidable ownership
life estate—ownership for duration of someone's life
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:
estate for years (tenancy for years)—lease of any length with specific begin and end date
periodic estate (periodic tenancy)—automatically renewing lease (month to month, week to week)
estate at will (tenancy at will)—loose agreement, can be terminated at will
tenancy at sufferance—created when tenant remains after lease expires and becomes a holdover tenant, converts to holdover tenancy upon landlord acceptance; see Forcible Entry and Detainer Statutes
The person who held the estate in that land would then proceed to transfer possession of a clump of the dirt taken from that land to the transferee.
After the grant from the crown of land, and letters patent issued thereof, every instrument affecting the land or any part thereof shall be adjudged fraudulent and void against any subsequent purchaser or mortgagee for valuable consideration without actual notice, unless the instrument is registered before registration under which the subsequent purchaser or mortgagee claims.
At time two A grants an estate in fee simple in that land to C. Like B, C also acquires possession of a document that is a deed evidencing the acquisition of the estate in land.
An `estate in land' is an interest in land that is endowed with certain rights and obligations, and carries a right to occupy or receive the benefit of the land.
There are also proprietary interests that fall short of being estates - mortgages, easements, franchises, etc. It is not always easy to distinguish an estate (particularly a lease) from a lesser form of interest, and courts are often called upon to make rulings in such cases (see: LeaseOrLicence).
Land belonging directly to the Crown is not, technically, a freehold estate in land: the term `freehold' denotes land historically granted by the Crown to a private citizen (see DemesneLandOfTheCrown for the techicalities).
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