1. Freehold estates

2. Life Estates

ownership estates for unpredictable duration

you own it forever; inheritable

the highest and most complete form of ownership

1) Includes all available rights in the "bundle of rights"

2) This estate is an inheritable estate

type of freehold estate that grants the right to use and occupay a property until the occurence of a designated event.

The original grantor retains a "possibility of reverter"  (possibility to regain the right to use and possess the property)

ex. when someone deeds the property over but when and event comes up, it goes back to the owner

Grants the right to use and occupy a property until the occurence of a designated event

The original granor retains the right to reentry

Grants the right to use and occupy a property to a life tenant until the the death of the life tenant

At the death of the life tenant, the property either:

• Reverts to the original grantor (revisioner) who holds a reversionary interest. A reversionary interest is an inheritable interest
• or, goes to third party (known as the remainderman) who holds a remainder interest(which is also inheritable)
• Life tenant may lease or convey but most not commit wast of property

• grant the rights to use and occupy a property to a life tenant until the death of someone other than the life tenant
• when the third party dies, the property either reverts to the revisioner or goes to a remainderman

protect a family's home from actions taken by certain creditor's

the personal property of the lessee (tenant), the lessor owns the leased fee (a fee simple estate minus the rights conveyed in the lease) and provides use and occupancy of the land, but not ownership

1. Estate for years

2. Estate from year to year

3. Estate at will

4. Tenancy at sufferance

1. Has a fixed term

2. Does not automatically renew

3. Does not require a termination notice

1) Has a fixed term

2) Automatically renews if not terminated

3) Requires a temination notice

Estate at will

1) Has no fixed term

2) Lasts until one of the parties provides a termination notice

• Occurs when tenants retain use an possession of a property beyond legal tenancy without the landlord's consent
• The tenant is known as a holdover tenant
• Different from a trespass in that the holdover tenant's intial entry was legal

P.E.T.E.

Police power - protect the safety, health and general welfare of the public through zoning

Escheat- if an owner dies intestate (with no will) and no heirs, the property of a decedent goes to the state

Taxation - raise funds for governent

Eminent Domain - the governements right to take private land for public use

the legal proceeding used by the government to excercise the right of eminent domain