Types of Estates
While all estates involve the ownership of real property, there are different types of estates, each of which means something else regarding the length of ownership and right to transfer or sell such property.
- Freehold – Freehold estates of property are those in which the owner has immediate rights to the property for an undefined amount of time. Real estate lawyers in College Station TX advise that are other types within this category:
- Â Fee Simple Absolute â€“ This type of a freehold estate means that the property can be inherited for as long as an owner and heirs want to retain it.
- Life – This type of freehold estate designates that the owner may retain possession for that person’s lifetime, at which point the estate then reverts to the original grantor.
Non-freehold – A non-freehold estate of property allows a user to retain control of the property for a limited period of time which is usually specified by a real estate lawyer in College Station TX in the real estate contract. Within this type of estate, there are various types of tenancy dealing with the duration of the holding.
- Tenancy for Years â€“ This involves a lease for a specified amount of time that is specified when the lease is signed.
- Tenancy at Will â€“ This type of tenancy is for an unspecified amount of time and can be ended by either party at any time.
- Tenancy at Sufferance â€“ This type of tenancy involves a tenant’s wrongful refusal to leave at the end of a specified lease period.
Concurrent – Concurrent estates refers to property that is owned or used by two or more parties at the same time. There are also different types of concurrent estates.
- Joint Tenancy – This refers to property that is purchased by two or more individuals at the same time, both parties have ownership and a right of survivorship.
- Tenancy by Entirety â€“ This is a type of joint tenancy estate that is shared ownership involving married couples and is similar to joint tenancy in terms of ownership and survivorship.
- Tenancy in Common â€“ This involves an estate owned by two or more people, each of whom owns a specified percentage of the property that may be sold or transferred as desired.