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A "fee simple" is real property held without limit of time (i.e., permanently) under common law, whereas the highest possible form of ownership is a "fee simple absolute", which is without limitations on the land's use (such as qualifiers or conditions that disallow certain uses of the land or subject the vested interest to termination).
The fee simple estate and the fee tail estate are estates of inheritance; they pass to the owner's heirs by operation of law, either without restrictions (in the case of fee simple), or with restrictions (in the case of fee tail). The estate for years and the life estate are estates not of inheritance; the owner owns nothing after the term of ...
A future interest following a fee simple absolute cannot be a remainder because of the preceding infinite duration. For example: A person, A, conveys (gives) a piece of real property called "Blackacre" "to B for life, and then to C and her heirs". B receives a life estate in Blackacre.
Owning real estate seems fairly straightforward. While it's not common everywhere, some states are known to have different types of ownership: fee simple and leasehold. Fee simple ownership is the ...
Real Estate Definitions Every Seller Should Know. Sheree R. Curry. Updated July 14, 2016 at 9:07 PM. When it comes to selling a home there's a lot to know beyond staging and setting a reasonable ...
Estates are distinguished by the varying property rights that vest in each and determine the duration and transferability of the various estates. A party enjoying an estate is called a "tenant". Some important types of estates in the land include: Fee simple: An estate of indefinite duration that can be freely transferred. The most common and ...
Approximately 7% of the allocated land in Israel is privately owned. The rest, i.e. 93%, is owned by the State and is known as "Israeli Land". Israel's Basic Law on real estate states that Israel's Land is jointly owned by the State (69%), the Development Authority (12%), and the Jewish National Fund (12%).
If the time of ownership can be fixed and determined, it cannot be a freehold. It is "An estate in land held in fee simple, fee tail or for term of life." [4] The default position subset is the perpetual freehold, which is "an estate given to a grantee for life, and then successively to the grantee's heirs for life." [4]