Definition:
An estate in fee simple absolute is a type of freehold estate; it is the highest and most complete form of land ownership under the common law system. Fee simple estates are limited only by the governmental rights of taxation, eminent domain, escheat, and police power. Holders of estates in fee simple may transfer, give, sell, will (devise), or otherwise dispose of real property in any way they wish, within the confines of the law. Fee simple estates may be held indefinitely; in legal terms, they are said to run forever.
Also known as estate in fee simple, fee simple, fee, fee ownership, or estate of inheritance.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Appraisal, Auction, Legal (Law), Management

Definition:
An estate in fee simple defeasible is a freehold estate with a less-than-absolute interest in real property and is subject to certain conditions or contingencies, such as the occurrence (or non-occurrence, as the case may be) of certain specified events. There are two types of fee simple defeasible estates: qualified fee conditional (also known as subject to condition subsequent) and qualified fee determinable. Defeasible estates allow for recovery of fee simple ownership of the property by the grantor if the grantee either commits certain acts (qualified fee conditional), or fails to comply with a special limitation (qualified fee determinable). Estates in fee simple defeasible are of unlimited duration, but only if the conditions or special limitations specified by the grantor are not violated or are continually met. An estate in fee simple defeasible differs from one in fee simple absolute in that it has a clearly defined potential endpoint, and the property interest is less than fee ownership.
Also known as an Estate in qualified fee or an Estate in fee simple qualified.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Appraisal, Auction, Legal (Law), Management

Definition:
A freehold estate with a less-than-absolute interest in real property, subject to certain conditions or contingencies such as the occurrence (or non-occurrence, as the case may be) of certain specified events. Also known as an Estate in fee simple defeasible or Estate in qualified fee.

There are two types of estates in fee simple qualified: qualified fee conditional (also known as subject to condition subsequent) and qualified fee determinable. Estates in fee simple qualified allow for recovery of fee simple ownership of the property by the grantor if the grantee either commits certain acts (qualified fee conditional), or fails to comply with a special limitation (qualified fee determinable). Estates in fee simple qualified are of unlimited duration, but only if the conditions or special limitations specified by the grantor are not violated or are continually met. An estate in fee simple qualified differs from one in fee simple absolute in that it has a clearly defined potential endpoint, and the property interest is less than fee ownership.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Legal (Law), Management

Definition:
A freehold estate with a less-than-absolute interest in real property, subject to certain conditions or contingencies such as the occurrence (or non-occurrence, as the case may be) of certain specified events. Also known as an Estate in fee simple defeasible or Estate in fee simple qualified.

There are two types of estates in qualified fee: qualified fee conditional (also known as subject to condition subsequent) and qualified fee determinable. Estates in qualified fee allow for recovery of fee simple ownership of the property by the grantor if the grantee either commits certain acts (qualified fee conditional), or fails to comply with a special limitation (qualified fee determinable). Estates in qualified fee are of unlimited duration, but only if the conditions or special limitations specified by the grantor are not violated or are continually met. An estate in qualified fee differs from one in fee simple absolute in that it has a clearly defined potential endpoint, and the property interest is less than fee ownership.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Appraisal, Auction, Legal (Law), Management

Definition:
An estate in qualified fee conditional is a freehold estate in real property in which the former owner (grantor) has specified that the new owner (grantee) or his or her heirs cannot violate a stipulated condition. If they do, the former owner retains the right of re-entry, which allows him or her to re-enter the land to make sure the condition has not been violated. The right of re-entry is also the legal mechanism through which the current estate ends and the grantor can recover fee simple ownership (a process known as reversion). Generally, the right of re-entry can be exercised only if an action is performed that has specifically been prohibited. Whether or not to take legal action to recover fee ownership of the property is at the sole discretion of the grantor.
Also known as an Estate in qualified fee subject to condition subsequent.

Example: Mr. Smith owns land in fee simple absolute, which he sells to Mr. Jones under the condition that the land not be used for industrial purposes, even though industrial land use is permissible according to local zoning regulations. If Mr. Jones constructs a factory on the property, or develops the land for any other industrial purpose, the estate ends and Mr. Smith (or his heirs) can regain ownership of the land. In order to recover the estate, Mr. Smith or his heirs must petition a court with jurisdiction over real estate matters.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Legal (Law), Management

Definition:
An estate in qualified fee determinable is a freehold estate in real property that has been qualified with a special limitation. If the new owner (grantee) fails to comply with the terms of the limitation, the former owner (grantor) has the right to recover ownership of the property. The grantor of an estate in qualified fee determinable retains the possibility of reverter, a future interest and right of reversion which, if exercised, ends the estate in qualified fee and allows for automatic reacquisition of ownership. Estates in qualified fee determinable, together with estates in qualified fee conditional, are the two primary examples of estates in fee simple defeasible, also known as estates in qualified fee. Qualified fee determinable estates differ from those in qualified fee conditional in that reversion is automatic and no court action is required.

Example: Mrs. Brown owns a parcel of land in fee simple and decides to sell it to Mrs. Garcia, with the contingency that a specified portion of the property must be used for agricultural purposes only. If Mrs. Garcia uses that part of the property for any purpose that is not agricultural, Mrs. Brown has the right to recover fee ownership. Whether or not she may recover all of the property or just that portion where the violation of the special condition occurred depends on the wording of the deed, the document used to create the estate in qualified fee.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Legal (Law), Management

Definition:
An estate in qualified fee subject to condition subsequent is a freehold estate in which the former owner (the grantor) has specified that the new owner (the grantee), as well as his or her heirs or assigns, cannot violate a stipulated condition. If they do, the former owner retains the right of re-entry, which allows him or her to re-enter the land to make sure the condition has not been violated. The right of re-entry is also the legal mechanism through which the current estate ends and the former owner can recover fee simple ownership (a process known as reversion). Generally, the right of re-entry can be exercised only if an action is performed that has specifically been prohibited. Whether or not to take legal action to recover fee ownership of the property is at the sole discretion of the grantor.
Also known as an Estate in qualified fee conditional.

Example: If the condition subsequent is that a historic structure may not be removed from the property, and the grantee removes it, the grantor has the right to reacquire full ownership of the property, with no compensation paid to the grantee.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Legal (Law), Management

The degree, characteristics, quantity, quality, nature, and extent of the present or future possessory interest one owns in real property. There are different types of estates in land; each is distinguished by the characteristics of its interest and by its potential or actual duration.

Definition:
1. An interest in real property that can legally be passed on to one's heirs, usually done by will (devise).
2. In real estate, an estate of inheritance is technically an interest in real property that is either fee simple absolute or fee simple defeasible, since both carry rights of inheritance. In practical use, an estate of inheritance usually refers only to an estate in fee simple absolute.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Taxes and Taxation, Legal (Law), Management

An interest in real property held for the duration of the life of some person other than the life tenant (Pur autre vie is a French phrase that literally means "for the life of another"). An estate pur autre vie (also known as pour autre vie) is a form of conventional life estate wherein the duration of the estate is measured not against the life of the life tenant, but against the life of another person specified by the grantor of the estate. An estate pur autre vie is the only life estate that has a right of inheritance: during the life of this other person against whose lifespan the duration of the estate depends, the life tenant's heirs may inherit the property. Once the "other person" is deceased, this right of inheritance ends.

Definition:
An estate in fee simple absolute is a type of freehold estate and is the highest and most complete form of land ownership under the common law system. Fee simple estates are limited only by the governmental rights of taxation, eminent domain, escheat, and police power. Holders of fee simple estates may transfer, gift, sell, will (devise), or otherwise dispose of real property in any way they wish, within the confines of the law. Fee simple estates may be held indefinitely; in legal parlance, they are said to run forever.
Also known as fee simple, fee, fee ownership, or estate of inheritance.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Legal (Law), Management

Definition:
A freehold estate with a less-than-absolute interest in real property and is subject to certain conditions or contingencies, such as the occurrence (or non-occurrence, as the case may be) of certain specified events. There are two types of fee simple defeasible estates: qualified fee conditional (also known as subject to condition subsequent) and qualified fee determinable. Defeasible estates allow for recovery of fee simple ownership of the property by the grantor if the grantee either commits certain acts (qualified fee conditional), or fails to comply with a special limitation (qualified fee determinable). Estates in fee simple defeasible are of unlimited duration, but only if the conditions or special limitations specified by the grantor are not violated or are continually met. An estate in fee simple defeasible differs from one in fee simple absolute in that it has a clearly defined potential endpoint, and the property interest is less than fee ownership.
Also known as qualified fee.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Legal (Law), Management

Definition:
An estate in fee simple qualified is a less-than-absolute interest in real property and is subject to certain conditions or contingencies, such as the occurrence (or non-occurrence, as the case may be) of certain specified events. There are two types of estates in qualified fee: qualified fee conditional (also known as subject to condition subsequent) and qualified fee determinable. Estates in qualified fee allow for recovery of fee simple ownership of the property by the grantor if the grantee either commits certain acts (qualified fee conditional), or fails to comply with a special limitation (qualified fee determinable).

Estates in fee simple qualified are of unlimited duration, but only if the conditions or special limitations specified by the grantor are not violated or are continually met. An estate in fee simple qualified differs from one in fee simple absolute in that it has a clearly defined potential endpoint, and the property interest is less than fee ownership.
Same as fee simple defeasible.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Legal (Law), and Management

An estate in land limited in inheritance to a particular class of heirs.

System of real estate title based in English law. All lands are owned and taxed by the king or other sovereign, who grants the right to possess real estate. Real estate is held as a life estate only, and ownership reverts to the king or other sovereign upon the death of the grantee.

Old form of land ownership where landowners (tenants) held title to real property as a life estate only, and were required to provide services, usually military, in return for the right to own land. Tenants provided services to tenants in chief, who in turn provided services to the king or other sovereign.

System of title based in English law. All lands are owned and taxed by the king or other sovereign, who grants the right to possess real estate. Real estate is held as a life estate only, and ownership reverts to the king or other sovereign upon the death of the grantee.

A room or set of rooms divided from others in the same building and leased as a separate dwelling; usually including at least a bathroom, kitchen or kitchenette, and a sleeping area.
Also known as an apartment.

1. Title to real property that is free from liens, encumbrances, or defects aside from those which the buyer has agreed to accept (mortgage to be assumed, ground lease of record, etc.)
2. Title to real property that is established, marketable, and without clouds.

1. Title to real property that is free from liens, encumbrances, or defects aside from those which the buyer has agreed to accept (mortgage to be assumed, ground lease of record, etc.)
2. Title to real property that is established, marketable, and without clouds.

Definition:
In English feudal law, the term freehold signified an estate held by a free man - the highest form of land tenure available at the time to commoners, or those without royal blood. In contemporary common law countries, a freehold estate is an interest in real property that is free of interests held by others and can best be described as full and complete ownership, although certain conditions or limitations may apply. The two kinds of freehold estates are those with a right of inheritance, and those without. Freehold estates with a right of inheritance include estates in fee simple absolute and estates in fee simple defeasible. Freehold estates without a right of inheritance include legal life estates, conventional life estates, and estates pur autre vie.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Legal (Law), Appraisal, Auction, Management

A present right to, share or ownership of, participation in, or claim to real property that will not take effect until some point in the future.
Examples of future interests include the reversionary interest retained by the grantor of a life estate without a remainderman, the possibility of reverter of an estate in qualified fee determinable, and the right of reentry of an estate in qualified fee conditional.

1. Title to real property that is free from liens, encumbrances, or defects aside from those which the buyer has agreed to accept (mortgage to be assumed, ground lease of record, etc.)
2. Title to real property that is established, marketable, and without clouds.

A lease agreement, usually residential, in which the tenant (lessee) pays a fixed periodic rent, and the landlord (lessor) pays all other expenses related to ownership of the property including taxes, insurance, maintenance, utilities, and assessments.

A person who inherits real or personal property through decree of a decedent (e.g., a will) or by descent if the decedent dies intestate.