ADMS 3810 Lecture Notes - Lecture 5: Escalator
27 Apr 2018
School
Department
Course
Professor
ADMS 3810
Lecture 5
Freehold Estate : highest quality of rights associated with real property
under our legal system, it includes three types of estates: fee simple,
defeasible fees and life estates
• Fee Simple
o Can pass it on to whoever, absolute ownership forever
• Defeasible Fees
o Fee Simple Determinable
▪ A limitation of only one use of land in the future
o Fee On Condition Subsequent
▪ A limitation of not to use of land for other purpose.
• Life Estates
o For a period measured by the lifetime of the grantee
Possessory Estate (leaseholds): the holder of a freehold estate has
ownership of the property ;while the holder of a possessory estate
has possession of the property
• Estate for years
o For a fixed time (1,2,5 years)
• Estate from period to period (periodic tenancy)
o Not fixed, monthly rent
• Estate at will
o No written document, but both side agrees
• Estate at sufferance
o Expired lease, but both side are willing to let it go on
Lease as Contracts in writing to avoid misunderstandings and be legally
enforceable, including:
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