Archives: Glossary Terms

The most complete form of ownership of real property which is a freehold estate that can be passed by descent or by will after the owners death. Also known as Estate of inheritance or Fee simple estate..

The degree, quantity, nature, and extent of interest a person has in real property.

A classification of estates by time of enjoyment when possession is present.

A future interest given by the grantor to a third person to take effect upon the termination of a life estate.

The remnant of a life estate left in the grantor where possession will begin when a lesser estate granted by him or her to another ends.

A classification of estates according to the number of owners and where the number is one and which is owned by a single party.

All freehold estates are estates of inheritance and can descend to heirs except for life estates. See Estate in fee or Fee simple estate.

The federal taxes due or paid on a decedent’s real and personal property.

A legal theory under which a person is stopped or barred from asserting or denying a fact because of the person’s previous actions or words..

The study of a property’s potential uses such as feasibility or marketability and which does not determine its present value.