Estate for Years - Has a Definite point of Beginning and End Date. No Notice is needed by either Landlord or Tenant.
Periodic Estate - Indefinite Period of Time. Notice is required. Typically a notice of 30 days for a Tenant and 60 days for a landlord.
Estate at Will - Uncertain period of time.
Estate at Sufferance - Holdover tenant
Freehold Estates
Fee Simple Absolute - The Highest Form of Legal Estate. Inheritable estate of indefinite duration, without restrictions or conditions in order to retain ownership. It is the most complete ownership of rights.
Fee Simple Determinable - Automatically ends and goes back to the person who granted the estate. Ownership could go back to heirs or a remainder man if named. Based on the occurrence or non occurrence of a stated condition. Must be used in a certain way or gets reverted back to the original owner.
Fee Simple on Condition Subsequent - May be ended by the grantor, a remainder man, or the grantor's heirs. No automatic reversion. Must go to court within a reasonable time after the condition is violated.
Non inheritable
Conventional Life Estates
- " Pur Autre Vie " ( For the life of another )
Legal Life Estates
- Curtesy
- Dower
- Homestead Protection
No comments:
Post a Comment