FREEHOLD ESTATE

The freehold estate can be defined as an estate that is held by the one who leases or rents the property.  There are three types of freehold namely the fee simple absolute, the fee simple defeasible and the life estate. The fee simple absolute is the estate in a land where the previous owner of the estate cannot define the ownership of the estate.  This fee simple absolute represents the highest interest in a property. However, it is limited to taxation, police power, the escheat and the eminent domain apart from being limited by certain conditions in the deed.  Most countries own a property through fee simple absolute.  The fee simple defeasible is a type of freehold estate where a grantor places some conditions in the deed.  One may lose an estate if a specified occurrence on the estate may arise.  The simple fee subject and the simple fee determinable are good examples of the defeasible estate.  The life estate is the third type of freehold estate and in this type, the interest in a property is normally held for a duration of life of a designated person.  The life estate can be limited by the life of a person holding it.  The life tenant receives the estate and is responsible for the maintenance and tax payments.  However, the life tenant is not allowed to leave property to somebody in their will. Pur Autre vie is the life estate which is based on another’s life that is, the third party.  The life tenant can have the incomplete rights until the death of the third party. 

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