To all intents and purposes the person is the owner

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Unformatted text preview: terests in land Fee simple Joint tenants Leasehold estate Life estate Tenants in common Fee simple This is the greatest right to land a person can hold. To all intents and purposes, the person is the owner of the land; however, in the legal sense, the person only holds the land of the Crown. This conditional ownership gives the Crown the legal right to resume or take back the land should that action be necessary for Crown purposes. ✘ RISK MANAGEMENT ALERT Fee simple—ownership of land subject to the right of the Crown to resumption. Leasehold estate A lease is a contract by which one party has granted to another exclusive possession of property for a limited time. 857 Life estate CHAPTER 33 A life estate is usually created by deed or will and gives the ‘holder’ or ‘life tenant’ rights to the land for a limited period. The period of the life estate is determined by the duration of the person’s life—that is, the life tenant, or some other specified person. The life tenant has the right of possession of the land during the stated time, but cannot sell, destroy or materially alter the propert...
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This document was uploaded on 04/23/2012.

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