What is a legal interest in land?
A legal interest is a legal right over land which is effectively a complete, permanent and absolute form of ownership.
For example, a legal easement is a legal right of way over someone else’s land, sometimes created by a formal legal deed.
What are the types of interest in land?
There are three main types of possessory interests: fee simple absolute, life estate, and leasehold. Let’s start with the greatest possible interest in land.
What is an interest in a property?
Property interest refers to the extent of a person’s or entity’s rights in property. It deals with the percentage of ownership, time period of ownership, right of survivorship, and rights to transfer or encumber property.
How many legal estates in land are there?
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 (a term of year absolute or tenancy for years)—lease of any length with specific begin and end date.