What type of interest do you have in your property?

Practically all forms of property ownership in the United States have developed through the English system of common law estates. The laws governing transfers and conveyances of real property grew out of the feudal systems. The land was owned by the monarch, who could grant possession to whomever he chose while still retaining ownership.

Other times, methods were developed by the people to obain conveyances from the monarch and eventually provide for property to be inherited rather than revert back to the monarchy.

The United States originally fell under several different soverign ruled (England, France, Spain, and Mexico). The American Revolution established the United Stated of America as a soverign and owner of all lands not already granted to someone else. Most of these lands have since been granted to individuals under government patents and subsequent conveyances by deeds.

When real property is transferred, it is not the actual land that is transferred but the title to an estate or interest in the land.

An estate, in real estate, is an interest in land measured by some period of time. It refers to the degree, quantity, nature, and extent of interest a person has in real property.

There are different types of estates, each differing from another with respect to the rights and duties of the owner. These include fee simple, easement, contract, leasehold, and life.

We will cover all of these in the next two days on this blog.

Courtesy of Land Title Guarantee Company September 2004 technical bulletin ‘Ownership and Tenancy.’

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