Property signifies dominion or right of use, control, and
disposition which one may lawfully exercise over things, objects, or
land. One of the basic dividing lines between property is that between
real property and personal property. Generally, the term real property
refers to land. Land, in its general usage, includes not only the face
of the earth but everything of a permanent nature over or under it.
This includes structures and minerals.
There are further divisions within the real property classification. The most
important are freehold estates, non freehold estates, and concurrent
estates. (Others are future interests, specialty estates, and incorporeal
interests). Freehold estates are those in which an individual has ownership
for an indefinite period of time. An example of a freehold estate is
the "fee simple absolute", which is inheritable and lasts as long as
the individual and his heirs wants to keep it. Another example is the "life
estate", in which the individual retains possession of the land for
the duration of his or her life. Non freehold estates are property
interests of limited duration. They include tenancy for years, tenancy
at will, and tenancy at sufferance. Concurrent estates exist when property
is owned or possessed by two or more individuals simultaneously.
