Prescott Valley Arizona Real Estate Home Buyers Center.

Prescott AZ Real Estate Fee Simple Estates

April 22nd, 2007

As a property owner of Prescott AZ real estate, you have an estate in the land. This estate can be thought of as an interest in the property. Depending on the degree and level, determines your level of ownership and rights to the property.

A Brief Historical Note

In the not so good old days, the king or the government owned the land. End of story. The land you lived, occupied and worked upon was done strictly as a tenant. Your interest in the land was non-existant.

In the wonderful United States of America we have the ability to own land. This ability to hold absolute ownership rights in land is referred to as the allodial system, also known as private ownership.

Fee Simple Inheritable Estates in Prescott AZ Real Estate

The first major grouping of freehold estates are referred to as fee simple inheritable estates. There are two types of inheritable estates:

• Fee Simple Absolute - this type of estate can also be called a fee simple estate. This is the highest form of ownership interest that is recognized by law in the United States of America. This is complete ownership and this form of ownership lasts for an unlimited time. With this level of interest in your real estate you can inherit, give away or sell the property. Keep in mind that the land is subject to government powers, but this land is truly your land.
• Fee Simple Defeasible - While this form of estate is similar to the the absolute version, this estate is subject to a condition to determine when it will begin or when it will end. This estate can also go by the names determinable fee, conditional fee, or qualified fee. When this estate ends the title will pass one by one of three possible ways. It will go to the origianl grantor or the grantor’s heirs (reversion interest) or it will be given to a specified third party (remainder interest)

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