The estate then goes to the original owner, his or her heirs, or a third party, depending on the deed.Ī good example is if an estate is made under the condition the property is used for religious services. If the condition is met, the estate may be lost. ![]() Fee Simple DefeasibleĪ defeasible estate is created when a condition is added on a fee simple estate. The fee simple estate has an unlimited duration and can be passed on to heirs. Fee simple absolute is the greatest interest in a parcel of land that one can possibly own. ![]() It is the highest form of real estate ownership that is recognized by law, in which the owner can enjoy the property to its fullest extent and is only limited by government powers. The three types of freehold estates that are on the real estate exam are:įee simple absolute, or fee simple for short, is an estate in land. ![]() In contrast to a leasehold estate, where possession is limited by time period. In this article, we will cover freehold estates.Ī freehold estate is an estate in which you have an exclusive right to enjoy the possession of a property indefinitely. So how do estates work, and what are they? Well, estates can be divided into two different sections: freehold estates and leasehold estates.
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