Define: Freehold Estate

A freehold estate is a type of property ownership where the owner has complete ownership and control over the property, including the land and any buildings on it.

A leasehold estate is a type of property ownership where the owner only has the right to use the property for a certain period of time, while a freehold estate is permanent ownership.

The two main types of freehold estates are fee simple absolute and fee simple defeasible.

Fee simple absolute is the highest form of ownership where the owner has complete control over the property and can do whatever they want with it.

Fee simple defeasible is a type of ownership where the owner has certain restrictions on how they can use the property, such as a requirement to maintain the property in a certain condition.

Yes, a freehold estate can be sold or transferred to another person.

A freehold estate owner has the right to use and enjoy the property as they see fit, but they also have the responsibility to maintain the property and pay any taxes or fees associated with it.

Yes, a freehold estate can be inherited by the owner’s heirs.

If a freehold estate owner dies without a will, the property will be distributed according to the laws of intestacy in the state where the property is located.

Yes, a freehold estate can be subject to eminent domain, which is the government’s power to take private property for public use, as long as the owner is compensated fairly for the property.