Interests and legal interests are called “real rights” and described as “good against the world”. Overshadowed by legal interests and land interests, English courts have also created “just interests” on the same legal interests. These obligations are called trusts, which are enforceable in court. A trustee is the person who has legal title to the property, while the beneficiary is said to have a reasonable interest in the property. For example, a person could purchase land for which the deed states that the grantor transfers ownership “to the beneficiary and his heirs”, which would have the legal effect of simply creating an absolute royalty. The beneficiary has the right to immediate and exclusive ownership of the land, and can do whatever they want with it, such as growing crops, removing trees, building, selling or disposing of them in a will. This type of succession is considered open. After the death of the owner, if no provision has been made for its distribution, the land is automatically inherited by the heirs of the owner. Concurrent estates are those that belong or belong to two or more persons at the same time. The three most common types of concurrent estates are joint tenancy, performance leasing and joint tenancy. The estate may also be divided into estates and other estates that are not inherited. The fee simple domain and the tail fee domain are domains; They pass automatically to the heirs of the owner, either without restrictions (in fee simple) or with restrictions (in case of fief simple).

Succession for years and life estate are uninherited estates; The owner does not own anything after the expiry of the years and cannot pass anything on to his heirs. [5] In a life estate typical for the life of a person other than the tenant, the grantor transfers ownership “to the beneficiary for the life of A”. The beneficiary thus benefits from a discount for the lifetime of another person. In this type of transport, A is the lifetime of the measurement. At common law, property was considered ownerless if the beneficiary died before the person whose life had measured the estate. The first person to take possession of it, known as a common resident, was entitled to the estate until the death of the person whose life measured the duration of the estate. A pure life estate could not be inherited from the heirs of the deceased beneficiary or recovered from the grantor because he had transferred his interest in the life of another living person. No one has the right to expel the ordinary resident.

Easily determinable fees Easily determinable fees, also known as base fees or eligible fees, are fees that last until a particular event occurs. If such an event occurs, the succession automatically lapses ipso jure, the property reverting to the settlor or his heirs. There are three types of properties: a simple fief, a fee tail and a life good. A life estate is usually created by deed, but can be created by lease. No special wording is required provided that the grantor`s intention to create such a discount is clear. The beneficiary of a life estate is called a life tenant. In land law, the term “estate” is a relic of the English feudal system, which created a complex hierarchy of land and land interests. The allodial or simple interest is the most complete property that one can have in the common law system.

An estate can be an estate for years, an estate at will, a life estate (expires on the death of the holder), a pure life estate (a lifetime interest in another person`s life) or a fee succession (to heirs of one`s own body) or a more limited type of heir (e.g. to male heirs of one`s own body). In this type of property, the tenant is essentially an intruder, except that their initial entry into the property was not illegal. If the landlord agrees, a tenant in case of suffering may be converted to a tenant from time to time if the rent is accepted. A life asset is alienable and the tenant can therefore transfer his estate. The beneficiary of the tenant would thus benefit from a pure other life discount. However, the tenant is not able to negotiate an estate larger than his own. The unit of time means that the property of each of the common tenants is transferred for exactly the same period of time. Inheritance for years The most important characteristic of an estate for years is that it must be of a certain duration, that is, it must have a certain beginning and an end. The most common example of an estate in years is the agreement between an owner and a tenant, where properties are rented or rented for a certain period of time. In this type of succession, the transferor leases the property to the purchaser for a certain period, for example: “The transferor leases Blackacre to the purchaser for the period from 1 January 1998 to 1 January 2003, for a period of five years”.

Fee simple estates may be absolute fee simple or impracticable (i.e. subject to future conditions) such as easily determinable fees and fees simply subject to the following condition; It is the complex system of future interest (see below) that eliminates the concepts of trusts and estates through the use of life contingencies in actuarial mathematics. Joint lease A joint lease is a type of competing ownership in which an asset is acquired by two or more persons at the same time and by means of the same instrument. A typical transfer of such a lease would be “The grantor transfers Blackacre to A, B and C and their heirs in absolute fee simple.” If one of the roommates dies, the rest goes to the surviving dependents and the entire estate to the last survivor. Prior to 1285, the provision “to the beneficiary and the heirs of his body” was interpreted by the courts as giving the beneficiary the power to transfer a simple royalty on the property if he had a child. An estate of this type was called a conditional fee simple because it was a simple royalty dependent on the birth of the beneficiary`s descendants. The beneficiary could thus terminate any rights that the heirs of his body might have over the property. In addition, it was able to put an end to the grantor`s possibility of backtracking in the country. Usually, the terms used in the transfer to create an estate subject to a subsequent condition are provided, provided or if, as well as a provision on readmission by the grantor. Fee simple filing subject to enforcement restrictions Under English common law, a grantor was not in a position to create an asset that was to commence at a later date in the future, as the livery of Seisin (beneficial ownership) was essential. If beneficial ownership of the land were transferred to the beneficiary, the estate would take effect immediately, contrary to the grantor`s intention. The only way to create a domain that was to start in the future was to use a vestige.

For example, if a grantor wishes to give the beneficiary a future interest in the land, it may make the following transfer: “to the purchaser for life, the remainder to the beneficiary and his heirs”. The seizure was therefore made to the purchaser who owned the estate for life, and after the death of the purchaser, the seizure was transferred to the beneficiary. At common law, an estate is the net worth of a person at a given time, living or dead. It is the sum of a person`s assets – legal rights, interests and claims to property of any kind – minus all liabilities at that time. The issue of bankruptcy and death of the person is of particular legal importance. (See Legacy.) Two important historical developments have been instrumental in the creation of this type of property. The first was the recognition of the tax simply by the court, and the second was the adoption of the De Donis Conditionalibus statute, commonly known as the De Donis statute, by Parliament in 1285. The grantor has the power to terminate the beneficiary`s fee by returning to the premises in the event of a breach of the condition. However, readmission is entirely at the discretion of the grantor. The beneficiary`s estate continues until the grantor enters the land or commences an action for repossession.

When the grantor returns to the land, the remaining portion of the beneficiary`s estate is forfeited. Legal right as the owner of an asset or property to hold title/ownership. A lender has a legal discount on a mortgaged asset that serves as collateral.