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4 Cards in this Set
- Front
- Back
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Freehold estate - Type: Fee simple absolute |
Maximum ownership in realestate that last forever. (owner can sell, will it to heirs, or keep it forever) |
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Freehold estate - type :life estate |
When property Is owner until the die. When they die the property goes back to a designated person. (ex, Backup plan for parents to give property to children when they die)
Owner can sell but upon death, buyer/lessee loses property and it reverts to designated person. |
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What are the three different types of freehold estates? |
Fee Simple absolute Fee simple defeasible/determinable Life Estate |
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Freehold estate - Type: Fee simple defeasible/determinable |
Ownership that last forever as long as a condition is met (Used by a farm, as a farm etc..) Can be sold willed or kept forever but if the condition is violated it reversed to the grantor. ex). So you can sell a property but require it be used as a farm and if it is not honored it can be reverted back to orig owner. |
