Speaking questions (course ) term Units 1,5,7,10

Freehold estate come with no fixed ownership timeline, which you can pass on indefinitely. When you own a freehold estate, you have exclusive rights to the property for an undefined length of time. There are three types of freehold estates out there:

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  fee simple absolute – an owner has complete ownership over the property without restriction. There is no limit on the length of time you can own the real estate. You can also pass it down to your heirs.
  
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  fee simple defeasible - with this real estate, owning the land comes with certain conditions. For example, you may have to use the property for a specific purpose. If you don’t follow through, you could lose ownership.
  
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  life estate - which effectively means ownership for the duration of the holder's life. Often, people want to give their home to their children after they pass. Through a life estate, a
  

23. What is the general name for estates whose duration is fixed or capable of being fixed?
A leasehold is transferred through a lease, which is a contract between a landlord and a tenant for the tenant to take exclusive possession of the leased premises for a term of years, usually for a specified rent or compensation. Leases are usually categorised into residential or commercial leases. This is an important distinction for the landlord, as different laws apply depending on the intended use of the leased premises.
24. Explain the transfer of title in a freehold estate?
The term conveyance refers to the act of transferring property from one party to another. The term is commonly used in real estate transactions when buyers and sellers transfer ownership of land, building, or home.
This is done using an instrument of conveyance—a legal document such as a contract, lease, title, or deed. The document stipulates the agreed-upon purchase price and date of actual transfer, as well as the obligations and responsibilities of both parties.
25. What is a contract for exclusive possession?
That’ a lease contract. A lease, which is a contract between a landlord and a tenant for the tenant to take exclusive possession of the leased premises for a term of years, usually for a specified rent or compensation. In this contract one party conveys land, property, services, etc. to another for a specified time, usually in return for a periodic payment.
26. Why is the distinction between commercial and residential leases important?
It is important to know the differences between a residential and commercial lease because both are treated differently under the law.
A residential lease is most often between a landlord and an individual tenant or family. The agreement is to provide a living arrangement. It is usually set up to include a monthly payment, but not always. The term varies from month-to-month to a term of several years, although one-year leases are perhaps the most common. These types of leases usually apply to houses, apartments, townhouses, or condos. The location is generally not used for profit.