FEE Simple or NOT?

By
Real Estate Agent with McCurdy & Company Realty BK490170

 

What type of Ownership should you have when purchasing you property?

Well, That may depends on what State your purchasing a home in. However just what does the words  real estate mean.  

      The word real means relating to a thing (from Latin res, matter or thing), as distinguished from a person. The law broadly distinguishes between real property (land and anything affixed to it) and personal property which is  everything else. The  difference was between immovable property, which would transfer title along with the land, and movable property, in with which you can retain title.  

      In  more todays  systems and coming from English  law, classification of property as real or personal may vary according to jurisdiction or, even within jurisdictions, according to purpose, as in defining whether and how the property may be taxed..

Estate law  

Estate or Estates may  be held jointly as joint tenants with rights of survivorship or as tenants in common. The difference  of joint ownership has to do with the  inheritability of the estate.

 In joint tenancy (marriage is sometimes called tenancy of the entirety) the surviving tenant (or tenants) become the sole owner of an estate. With nothing passing to the heirs of the deceased tenant. In some instances  "with right of survivorship" must be used or the tenancy may assumed to be tenants in common.

Tenants in common may recieve a portion of the estate in proportion to their  interest which is presumed to be equal amongst tenants unless otherwise stated in the transfer deed. Such as 33.3 % or 50/50. Real property may not only be owned it may be leased in which the possession of the property is given to the tenant for a limited period of time.

Other  ownership interests include:

  • Fee simple is the most common interest or right in real estate and provides the owner the right to use the real estate for any lawful purpose and sell the interest when and to whom the owner wishes.
  • Life estate: An interest in which is granted to a life tenant until that person dies. During the life estate, the life tenant has the right to use the real estate for any lawful purpose. The interest terminates upon the death of the life tenant
  • Estate for years  term is a specified number of years.
  • Leasehold: The right to possess and use real estate  for  the terms of a lease.
  • Reversion: The right to possess the fee interest in real estate after the expiration of a life estate, estate for years, or leasehold.
  • Concurrent or co-tenancy: The ownership of an interest in real property by more than one person. Rights may be limited in various ways depending on the jurisdiction and type of concurrency.

 

 

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Rainmaker
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Richard D. Ferris
AmcAppraisalsinc.com - Clermont, FL
Florida State Certified (FHA) Appraiser

I was doing an internet seach on "Fee simple" vs "Leased fee estate" and found your blog!  I know this was from March 2007 - but it was helpful!  I am just resolving some issues with an appraisal I completed related to this.  I posted my experience in my blog as well (http://activerain.com/blogsview/607661/When-Fee-Simple-Isn).  I wanted to say hello and tell you I enjoyed your blog!  I hope business in your area is picking up!

Jul 24, 2008 08:26 AM #1
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Laveta (Lee) Gerhard

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