The degree of interest that a person has in real property.
Estate at sufferance
An estate in real property without the consent of the owner, by a tenant who was originally in the property lawfully.
Estate at will
An estate in real property that can be terminated at the will of either property.
Estate for years
Leasehold interest for specific period of time; definite beginning, definite ending; not terminated by death of either party, nor sale of property; no notice required.
Estate from period to period
An estate in real property that continues for successive periods.
The highest interest in real estate recognized by the law; the holder is entitled to all rights to the property.
An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate.
A contract granting use or occupation of property during a specified time for a specified payment.
Tenant's right to occupy real estate during the term of a lease, generally considered to be a personal property interest.
The tenant who is renting a property.
A person who owns a property and rents it to someone else; also know as landlord.
A regular payment by a tenant to a landlord for use of some property.
Those interests held by renters/lessees. A lease.
Fee simple defeasible
Ownership of a property that can be terminated upon the occurrence of some later event called a condition subsequent.
Fee simple absolute
The maximum possible estate one can possess in real property; also referred to as fee simple or fee. May have encumbrances (such as loans). Not necessarily a clear title.
Estate in remainder
The property would revert to the holder of that interest upon the death of the designated person. The difference is that the original entity that granted the life estate holds the estate in reversion, where the buyer of that interest holds an estate in remainder.
Two ways that a lessee can transfer occupancy rights to another:
Assignment: new tenant would be solely liable for the rent.
Sublease: new tenant would take over possession, but the original tenant would remain liable for the remaining payments under the terms of the contract.
The tenant is responsible only for rental payments and the landlord covers all property expenses for that space.
The tenant pays fixed rent plus some or all of the taxes, maintenance and insurance; landlord pays interest and principal on any mortgage loan.
Common lease for retail property; often a base monthly rent plus a percentage of any gross sales over that amount.
A long-term lease whereby the monthly rental charge is periodically changed, usually on an annual basis. The change in the rent is normally tied to some measure of inflation, such as the consumer price index.