Real property law
Freehold estates
Leaseholds
in which an individual has ownership of land for an indefinite period of time
the term “land” refers to
any improvements to the real estate (e.g. buildings)
the right to the minerals underneath the land and the airspace above it
real estate (and everything that grows on that real estate)
types
the life estate
the estate pur autre vie
the fee simple
the fee tail
is now largely obsolete
the conveyance
the transfer of title in land from one person to another
the most complete, unlimited form of freehold estate
inheritable
last as long as the owner (or any subsequence heirs) wants to keep it
the individual retains possession of the land for the duration of his or her life
treated as complete ownership (fee simple) for the duration of the person`s life
similar to the life estate
measured by the life of someone other than the grantee (to whom an interest in the real property is conveyed by a grantor)
In common-law jurisdictions leasehold interests in land are sometimes classified as personal property
property interests of limited duration
generally created though a lease
a contract for exclusive possession in return for which the tenant pays the landlord or landlady a specified rent or compensation
a licence
like a lease
generally for a shorter period of time, usually less than 12 months
if there is no exclusive possession of the property, then a licence is created
a licensee is not granted any title interest in the land
permission to enter it for a specific purpose that would otherwise constitute a trespass
The Statute of Frauds
generally applicable to interest in land
require that deeds, real-estate sales contracts and certain leases be in writing to be legally enforceable