What is a freehold estate in real estate?
A freehold estate is an estate in which you have exclusive rights to enjoy the possession of a property for an undefined length of time.
In contrast, a less than freehold estate is held for a fixed, defined period.
The three types of freehold estates to know are: 1.
Fee simple absolute.
What is a freehold estate in land?
A freehold estate is a right of title to land that is characterized by two essential elements: immobility, meaning that the property involved is either land or an interest that is attached to or has been derived from land, and indeterminate duration, which means there is no fixed duration of ownership.
Is a life estate a freehold estate?
A life estate is a freehold estate where ownership is limited to the duration of some person’s lifetime, either the person holding the life estate—the life tenant—or some other designated person. The life tenant can lease, sell, or mortgage only his ownership interest in the property.
What type of tenancy creates a freehold estate?
Freehold Estates Defined
You can contrast that with a non-freehold estate, such as an ‘estate for years’, a type of leasehold where the tenant’s rights to the leased property terminates by a certain date. A freehold estate is also characterized by certain rights that you would consider relating to ‘ownership’ of land.