Many terms define the different interests in real property, and the most central concept is the estate in land, an interest in real property allowing possession either now or sometime in the future for a specific or unlimited duration.Ī freehold estate is one where the duration of ownership is indeterminate, which could be for a lifetime of an individual or an unlimited duration. Anyone purchasing real estate should know what kind of estate is being transferred, because it can severely limit the rights of the new property owner, and will also affect the value of the real estate. A real estate interest can also depend on events or specific actions.
Real estate interests vary both in types of interest and in their duration, and whether such interests are transferrable.
