{"id":3531,"date":"2023-04-11T12:11:50","date_gmt":"2023-04-11T12:11:50","guid":{"rendered":"https:\/\/peaktitlepro.com\/?page_id=3531"},"modified":"2023-04-19T10:24:24","modified_gmt":"2023-04-19T10:24:24","slug":"property-law-101-what-are-the-types-of-ownership","status":"publish","type":"page","link":"https:\/\/peaktitlepro.com\/property-law-101-what-are-the-types-of-ownership\/","title":{"rendered":"Property Law 101: What are the Types of Ownership?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"3531\" class=\"elementor elementor-3531\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2b297ced elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"2b297ced\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;shape_divider_bottom&quot;:&quot;mountains&quot;}\">\n\t\t\t\t\t<div class=\"elementor-shape elementor-shape-bottom\" data-negative=\"false\">\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 1000 100\" preserveAspectRatio=\"none\">\n\t<path class=\"elementor-shape-fill\" opacity=\"0.33\" d=\"M473,67.3c-203.9,88.3-263.1-34-320.3,0C66,119.1,0,59.7,0,59.7V0h1000v59.7 c0,0-62.1,26.1-94.9,29.3c-32.8,3.3-62.8-12.3-75.8-22.1C806,49.6,745.3,8.7,694.9,4.7S492.4,59,473,67.3z\"\/>\n\t<path class=\"elementor-shape-fill\" opacity=\"0.66\" d=\"M734,67.3c-45.5,0-77.2-23.2-129.1-39.1c-28.6-8.7-150.3-10.1-254,39.1 s-91.7-34.4-149.2,0C115.7,118.3,0,39.8,0,39.8V0h1000v36.5c0,0-28.2-18.5-92.1-18.5C810.2,18.1,775.7,67.3,734,67.3z\"\/>\n\t<path class=\"elementor-shape-fill\" d=\"M766.1,28.9c-200-57.5-266,65.5-395.1,19.5C242,1.8,242,5.4,184.8,20.6C128,35.8,132.3,44.9,89.9,52.5C28.6,63.7,0,0,0,0 h1000c0,0-9.9,40.9-83.6,48.1S829.6,47,766.1,28.9z\"\/>\n<\/svg>\t\t<\/div>\n\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6d571730\" data-id=\"6d571730\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5197b609 elementor-widget elementor-widget-heading\" data-id=\"5197b609\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">DEEDS AND TITLE<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-65fd32aa elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"65fd32aa\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3e3fca5e\" data-id=\"3e3fca5e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5f1a51d8 elementor-widget elementor-widget-text-editor\" data-id=\"5f1a51d8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>To fully understand why buying real estate is so complicated, you have to start at the beginning, and the beginning goes back a long way.\u00a0<\/p><p>For most of the United States, real property law is based on the English common law system, and its rules. We will go further into the history of English common law and how the system developed in future articles.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-341a8423 elementor-widget elementor-widget-heading\" data-id=\"341a8423\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Why does this matter?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-45babe9 elementor-widget elementor-widget-text-editor\" data-id=\"45babe9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Understanding these ownership types matters because they are the fundamental building blocks of your ownership rights. You may run into these terms throughout the process of buyer or selling a property, and you need to understand what they mean.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9dcc857 elementor-widget elementor-widget-heading\" data-id=\"9dcc857\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">The Types of Ownership: Fees<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6358e8a2 elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"6358e8a2\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-306e3559\" data-id=\"306e3559\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-78aea2c elementor-widget elementor-widget-text-editor\" data-id=\"78aea2c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>So with that out of the way, let\u2019s focus on the most relevant part: fees.\u00a0<\/p><p>Now, I know what you\u2019re thinking, and we\u2019re not talking about those kinds of fees.\u00a0A fee in property law actually refers to an ownership interest in the property. Though fees come in several forms, only a few are still relevant today. Your fee interest in your property determines what title you have to the property.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-78ab0dec subscription-form elementor-widget elementor-widget-toggle\" data-id=\"78ab0dec\" data-element_type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-2021\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-2021\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-double-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-double-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Subscribe to The Peak University Newsletter!<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2021\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-2021\"><div class=\"tnp tnp-subscription \">\n<form method=\"post\" action=\"https:\/\/peaktitlepro.com\/wp-admin\/admin-ajax.php?action=tnp&amp;na=s\">\n<input type=\"hidden\" name=\"nlang\" value=\"\">\n<div class=\"tnp-field tnp-field-firstname\"><label for=\"tnp-1\">First Name<\/label>\n<input class=\"tnp-name\" type=\"text\" name=\"nn\" id=\"tnp-1\" value=\"\" placeholder=\"\" required><\/div>\n<div class=\"tnp-field tnp-field-surname\"><label for=\"tnp-2\">Last Name<\/label>\n<input class=\"tnp-surname\" type=\"text\" name=\"ns\" id=\"tnp-2\" value=\"\" placeholder=\"\"><\/div><div class=\"tnp-field tnp-field-email\"><label for=\"tnp-3\">Email<\/label>\n<input class=\"tnp-email\" type=\"email\" name=\"ne\" id=\"tnp-3\" value=\"\" placeholder=\"\" required><\/div>\n<div class=\"tnp-field tnp-field-profile\"><label for=\"tnp-4\">Company <\/label>\n<input class=\"tnp-profile tnp-profile-1\" id=\"tnp-profile_1\" type=\"text\" size=\"\" name=\"np1\" placeholder=\"\"><\/div>\n<div class=\"tnp-field tnp-privacy-field\"><label><input type=\"checkbox\" name=\"ny\" required class=\"tnp-privacy\"> By continuing, you accept the privacy policy<\/label><\/div><div class=\"tnp-field tnp-field-button\" style=\"text-align: left\"><input class=\"tnp-submit\" type=\"submit\" value=\"Subscribe\" style=\"\">\n<\/div>\n<\/form>\n<\/div>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-71c5e6dd elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"71c5e6dd\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3548c7ad\" data-id=\"3548c7ad\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-35481441 elementor-widget elementor-widget-heading\" data-id=\"35481441\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Fee Simple<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-174ed8ac elementor-widget elementor-widget-text-editor\" data-id=\"174ed8ac\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>A fee simple is ownership as we typically think about it. If a person owns a property in fee simple, they have full ownership rights to the property, or at least to their share of the property.\u00a0 You can get more information on fractional ownership and divided versus undivided interests\u00a0here.\u00a0<\/p><p>A Fee Simple owner can sell or lease the property, use it for whatever purpose they wish, subject to laws and encumbrances, or leave it empty. The owner has no obligation to make the land productive or to think of others in the owner\u2019s use of the property.\u00a0<\/p><p>Essentially, Fee Simple is legalese for \u201ccomplete ownership,\u201d or the maximum ownership of real property that is allowed by law.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2b828780 elementor-widget elementor-widget-heading\" data-id=\"2b828780\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Life Estate<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-253864d3 elementor-widget elementor-widget-text-editor\" data-id=\"253864d3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>A life estate is exactly what it sounds like: the holder has a right to the property for life. When the holder dies, the property reverts to whomever owns the fee simple, unless that person has granted a future interest to another party.\u00a0<\/p><p>The life estate holder\u2019s rights are limited in certain ways. For example, because the life estate is tied to the original life estate holder\u2019s lifetime, the life estate holder can only transfer or encumber the property for the holder\u2019s lifetime. So if someone were to buy the holder\u2019s life estate, the buyer would have the right to use the property until the seller died, at which point the buyer would lose all right to the property.\u00a0<\/p><p>Additionally, unlike a fee simple holder, who has no obligations to anyone with regard to their interest, the life estate holder has certain obligations to the holder of the fee simple on the property. For example, the life estate holder should not allow the property to deteriorate or lose value if the holder has the ability to prevent it.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-60d4d87c elementor-widget elementor-widget-heading\" data-id=\"60d4d87c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Lease<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-74fa99a7 elementor-widget elementor-widget-text-editor\" data-id=\"74fa99a7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>It is worth mentioning leases here, though not technically an ownership interest. A lease is a possessory interest in property. It means that the lessee has all the rights to the property afforded to the lessee in the lease agreement. In residential leases, this means the right to reside on the property and use the property during the term of the lease.\u00a0<\/p><p>Leases may be transferable, depending on the lease terms. For example, a sublease is actually a transfer of the lease interest in the property. It functions much the same as selling a life estate. The lessee cannot sublease the property for longer, or for different purposes, than the original lease because those are limitations on the lessee\u2019s own interest. As long as the original lessee is within the terms of the lease (which is a grant for property law purposes), the original lessee can grant all of the original lessee\u2019s rights or a specific set of those rights to another.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-48902f8 elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"48902f8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5a6784e\" data-id=\"5a6784e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-617fe68f elementor-widget elementor-widget-text-editor\" data-id=\"617fe68f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The information provided in Peak Title Professionals, does not, and is not intended to, constitute legal advice. All content is for general informational purposes only and is not intended to provide a complete description of the subject matter. Specific processes will vary based on applicable law. The title and closing process will be handled by a third-party attorney to the extent required by law. Product offerings vary by jurisdiction and are not available or solicited in any state where we are not licensed.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3cfcffc9 elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"3cfcffc9\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-69e4701d\" data-id=\"69e4701d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-411211af elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"411211af\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-53e4c8f6\" data-id=\"53e4c8f6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6e39255e elementor-widget elementor-widget-heading\" data-id=\"6e39255e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Are you a multimillion dollar producer? <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-258dafcf\" data-id=\"258dafcf\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-339ad0d8 elementor-button-align-start elementor-mobile-button-align-center elementor-widget elementor-widget-form\" data-id=\"339ad0d8\" data-element_type=\"widget\" data-settings=\"{&quot;step_next_label&quot;:&quot;Next&quot;,&quot;step_previous_label&quot;:&quot;Previous&quot;,&quot;button_width&quot;:&quot;100&quot;,&quot;step_type&quot;:&quot;number_text&quot;,&quot;step_icon_shape&quot;:&quot;circle&quot;}\" data-widget_type=\"form.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<form class=\"elementor-form\" method=\"post\" name=\"New Form\">\n\t\t\t<input type=\"hidden\" name=\"post_id\" value=\"3531\"\/>\n\t\t\t<input type=\"hidden\" name=\"form_id\" value=\"339ad0d8\"\/>\n\t\t\t<input type=\"hidden\" name=\"referer_title\" value=\"\" \/>\n\n\t\t\t\n\t\t\t<div class=\"elementor-form-fields-wrapper elementor-labels-above\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-email elementor-field-group elementor-column elementor-field-group-email elementor-col-100 elementor-field-required elementor-mark-required\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-email\" class=\"elementor-field-label\">\n\t\t\t\t\t\t\t\tEmail\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<input size=\"1\" type=\"email\" name=\"form_fields[email]\" id=\"form-field-email\" class=\"elementor-field elementor-size-sm  elementor-field-textual\" placeholder=\" \" required=\"required\" aria-required=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-group elementor-column elementor-field-type-submit elementor-col-100 e-form__buttons\">\n\t\t\t\t\t<button class=\"elementor-button elementor-size-sm\" type=\"submit\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Submit<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/button>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/form>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>DEEDS AND TITLE To fully understand why buying real estate is so complicated, you have to start at the beginning, and the beginning goes back a long way.\u00a0 For most of the United States, real property law is based on the English common law system, and its rules. We will go further into the history of English common law and how the system developed in future articles.\u00a0 Why does this matter? Understanding these ownership types matters because they are the fundamental building blocks of your ownership rights. You may run into these terms throughout the process of buyer or selling a property, and you need to understand what they mean.\u00a0 The Types of Ownership: Fees So with that out of the way, let\u2019s focus on the most relevant part: fees.\u00a0 Now, I know what you\u2019re thinking, and we\u2019re not talking about those kinds of fees.\u00a0A fee in property law actually refers to an ownership interest in the property. Though fees come in several forms, only a few are still relevant today. Your fee interest in your property determines what title you have to the property.\u00a0 Subscribe to The Peak University Newsletter! Fee Simple A fee simple is ownership as we typically think about it. If a person owns a property in fee simple, they have full ownership rights to the property, or at least to their share of the property.\u00a0 You can get more information on fractional ownership and divided versus undivided interests\u00a0here.\u00a0 A Fee Simple owner can sell or lease the property, use it for whatever purpose they wish, subject to laws and encumbrances, or leave it empty. The owner has no obligation to make the land productive or to think of others in the owner\u2019s use of the property.\u00a0 Essentially, Fee Simple is legalese for \u201ccomplete ownership,\u201d or the maximum ownership of real property that is allowed by law.\u00a0 Life Estate A life estate is exactly what it sounds like: the holder has a right to the property for life. When the holder dies, the property reverts to whomever owns the fee simple, unless that person has granted a future interest to another party.\u00a0 The life estate holder\u2019s rights are limited in certain ways. For example, because the life estate is tied to the original life estate holder\u2019s lifetime, the life estate holder can only transfer or encumber the property for the holder\u2019s lifetime. So if someone were to buy the holder\u2019s life estate, the buyer would have the right to use the property until the seller died, at which point the buyer would lose all right to the property.\u00a0 Additionally, unlike a fee simple holder, who has no obligations to anyone with regard to their interest, the life estate holder has certain obligations to the holder of the fee simple on the property. For example, the life estate holder should not allow the property to deteriorate or lose value if the holder has the ability to prevent it. Lease It is worth mentioning leases here, though not technically an ownership interest. A lease is a possessory interest in property. It means that the lessee has all the rights to the property afforded to the lessee in the lease agreement. In residential leases, this means the right to reside on the property and use the property during the term of the lease.\u00a0 Leases may be transferable, depending on the lease terms. For example, a sublease is actually a transfer of the lease interest in the property. It functions much the same as selling a life estate. The lessee cannot sublease the property for longer, or for different purposes, than the original lease because those are limitations on the lessee\u2019s own interest. As long as the original lessee is within the terms of the lease (which is a grant for property law purposes), the original lessee can grant all of the original lessee\u2019s rights or a specific set of those rights to another.\u00a0 The information provided in Peak Title Professionals, does not, and is not intended to, constitute legal advice. All content is for general informational purposes only and is not intended to provide a complete description of the subject matter. Specific processes will vary based on applicable law. The title and closing process will be handled by a third-party attorney to the extent required by law. Product offerings vary by jurisdiction and are not available or solicited in any state where we are not licensed. Are you a multimillion dollar producer?<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"footnotes":""},"class_list":["post-3531","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/peaktitlepro.com\/wp-json\/wp\/v2\/pages\/3531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/peaktitlepro.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/peaktitlepro.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/peaktitlepro.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/peaktitlepro.com\/wp-json\/wp\/v2\/comments?post=3531"}],"version-history":[{"count":26,"href":"https:\/\/peaktitlepro.com\/wp-json\/wp\/v2\/pages\/3531\/revisions"}],"predecessor-version":[{"id":5887,"href":"https:\/\/peaktitlepro.com\/wp-json\/wp\/v2\/pages\/3531\/revisions\/5887"}],"wp:attachment":[{"href":"https:\/\/peaktitlepro.com\/wp-json\/wp\/v2\/media?parent=3531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}