Prescott Valley AZ Arizona Property Owner
March 2nd, 2007
Prescott Valley AZ Arizona Estates
An estate refers to the degree, quantity, nature, and extent of interest (ownership rights) a person can have in real estate.
There are two general categories that estates fall under: freehold estates and leasehold estates.
Fee Simple Absolute Ownership in Prescott Valley Arizona
The fee simple absolute estate is the highest form of ownership interest recognized by the law. It truly is complete ownership and the estate exists for an unlimited amount of time.
As the owner of this form of estate, you may allow it to be inherited, give it away or you can sell this estate.
Although this is the most highest form of ownership of property, you are still subject to the government powers of police powers, eminent domain, escheat and taxation.
Fee Simple Defeasible Ownership
Another form of ownership is referred to as fee simple defeasible ownership. This means that you own a property but that there is a condition placed upon you begin able to own the property in the first place or for continued ownership on the property.
Fee Simple Subject to Condition Precedent - as long as a specific condition is satisfied, the estate remains in affect. Once the condition is no longer being met, then the grantor of the estate retains the right of reversion.
Fee Simple Subject to COndition Subsequent - this is the case when there is a prohibited use of the property. This can also be called a “must not do” or “but if” estate. As long as you don’t perform a certain action or use the property for a specific purpose, you would be able to retain ownership of the property.
Entry Filed under: Prescott Arizona AZ Real Estate Market
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