TYATIUSHKINA ALYONA CONTENTS 1 real estate property

TYATIUSHKINA ALYONA

CONTENTS 1. real estate property vs personal property 2. main types of the real estate property o - freehold estates o - leaseholds o - other types (easement, usufruct)

Real estate vs Personal property Real estate property Personal property real property is a general term for land, tenements and hereditaments refers to everything which does not fall under the heading of real property

Real property freehold estates duration is not determined leaseholds duration is fixed or capable of being fixed.

Types of freehold estate 1. THE FEE SIMPLE 2. THE FEE TAIL 3. THE LIFE ESTATE 4. THE ESTATE PUR AUTRE VIE

THE FEE SIMPLE A fee simple represents absolute ownership of real estate property, and therefore the owner may do whatever he or she chooses with the property

THE FEE TAIL an inheritable estate which lasts as long as the original grantee or any of his descendants live

THE LIFE ESTATE an estate granted only for the life of the grantee. When the life tenant dies the remaindermen take possession, or the land reverts.

THE ESTATE PUR AUTRE VIE the estate granted for the life of someone other than the grantee.

LEASEHOLD generally created through what is referred to a lease, which is a contract for exclusive possession, generally for a term of year, usually for a specific rent or compensation.

LEASEHOLD VS LICENCE LEASEHOLD LICENCE exclusive no exclusive possession

Other types of property easements a certain right to use the real property of another without possessing it. usufructs a right of enjoyment, enabling a holder to get profit or benefit from property that either belongs to another person or which is held in common ownership, as long as the property is not damaged or destroyed.