An estate is generally measured by its duration. Some are limited in time, some are indefinite and others may be indefinite but cut short upon the happening or the occurrence of a certain event. The estate one holds in real property may vary widely, so much that the estate one may not permit that person to presently possess the land. Therefore, the right in and to real property is determined by the estate which is held in the land. The following are several examples of types of estates that may be held in real property (referenced publication written/provided by three lawyers practicing in Birmingham, AL, during a one-day continuing education course for attorneys and other interested parties):1
- Fee Simple Absolute
- Defeasible Fee
- Determinable Fee
- Fee Tail Estate
- Life Estate
- Remainder Estate
- Vested Remainder
- Contingent Remainder
- Reversionary Estate
1Timothy D. Davis, John J. Kubiszyn, and Bradley Siegal, Keys to Success in a Real Estate Transaction in Alabama (Eau Claire, WI: National Business Institute, 09Q0703, 1999) pp. 165-168.