By definition, real property consists of a designated portion of land and anything permanently located on or under that land which would include natural resources such as ponds, lakes, and oil as well as any buildings that are permanently attached. What the general public recognizes as real estate is usually a reference to privately owned property. Real estate lawyers in College Station Texas advise that an estate generally refers to real property that is owned by a person based on specific property rights which includes the ability to transfer title to such property as desired.
Handing the sale or transfer of property is often done with the help of a real estate attorney in order to be sure that all aspects of the transfer of land is properly handled. In other words, real estate is the physical property while an estate is a specific person’s rights and ownership of that property and what can be done with it.
While all estates involve the ownership of real property, there are different types of estates, each of which means something else regarding the length of ownership and right to transfer or sell such property.
- Freehold – Freehold estates of property are those in which the owner has immediate rights to the property for an undefined amount of time. Real estate lawyers in College Station TX advise that are other types within this category:
- Fee Simple Absolute – This type of a freehold estate means that the property can be inherited for as long as an owner and heirs want to retain it.
- Life – This type of freehold estate designates that the owner may retain possession for that person’s lifetime, at which point the estate then reverts to the original grantor.
Non-freehold – A non-freehold estate of property allows a user to retain control of the property for a limited period of time which is usually specified by a real estate lawyer in College Station TX in the real estate contract. Within this type of estate, there are various types of tenancy dealing with the duration of the holding.
- Tenancy for Years – This involves a lease for a specified amount of time that is specified when the lease is signed.
- Tenancy at Will – This type of tenancy is for an unspecified amount of time and can be ended by either party at any time.
- Tenancy at Sufferance – This type of tenancy involves a tenant’s wrongful refusal to leave at the end of a specified lease period.
Concurrent – Concurrent estates refers to property that is owned or used by two or more parties at the same time. There are also different types of concurrent estates.
- Joint Tenancy – This refers to property that is purchased by two or more individuals at the same time, both parties have ownership and a right of survivorship.
- Tenancy by Entirety – This is a type of joint tenancy estate that is shared ownership involving married couples and is similar to joint tenancy in terms of ownership and survivorship.
- Tenancy in Common – This involves an estate owned by two or more people, each of whom owns a specified percentage of the property that may be sold or transferred as desired.
These are just a few of the different types of estates which can be best explained by real estate lawyers in College Station. Obviously, determination of the type of estate involved in a transaction of any time can be a detailed process and the legalities involved with each type is best handled by a real estate lawyer who is experienced in setting up estates and can explain the responsibilities of both parties in each type of contract.
To avoid potential problems regarding estate ownership and/or tenancy, it is always best to work with a real estate lawyer in College Station Texas who is familiar with the handling of the different types of real estate transactions.
Let Hoelscher, Lipsey, Elmore, Poole & Turnbill, P.C. Be Your Real Estate Lawyers in College Station TX !
Are you looking for real estate lawyers in College Station for help with the transfer of property? Call Hoelscher, Lipsey, Elmore, Poole & Turnbill, P.C.. at (979) 846-4726 now!