Freehold Estates

We talked about the "Bundle of Rights." Now we need to talk about time. How long do you get to hold that bundle? In legal terms, an "Estate" isn't a giant mansion with a butler. An Estate refers to the degree, quantity, nature, and extent of your interest in the property. It basically answers the question: "Do you own it forever, or just for a while?"There are two major groups of estates:Freehold Estates: Ownership for an indefinite length of time (Forever... or until you die).Leasehold Estates: Possession for a fixed term (Rentals). We will cover these later.Fee Simple Estate. This is the best type of ownership you can have.Also known as: Fee, Fee Simple, or Fee Simple Absolute. It is the largest bundle of rights possible. It is absolute ownership. It is indefinite and inheritable. When you die, it goes to your heirs. When you help a client buy a normal house, 99.9% of the time, they are buying a "Fee Simple" estate.