Question: What Are The 5 Legal Interests In Land?

Legal interests

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.

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.