You need to know – What is an estate?

YouNeedToKnowWeb500An estate is an interest in real property that identifies the quantity and quality of rights held

There are two main types of estates:

  • Freehold estates which comprise fee simple and life estates.  A freehold estate involves ownership
  • Nonfreehold estates which comprise tenancy at will, tenancy for years and tenancy at sufferance. A non freehold estate does not involve ownership but does confer the right of possession and use