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The allodial or fee simple interest is the most complete ownership that one can have of property in the common law system. An estate can be an estate for years, an estate at will, a life estate (extinguishing at the death of the holder), an estate pur autre vie (a life interest for the life of another person) or a fee tail estate (to the heirs ...
Wentworth Woodhouse is a large rural estate, extending to 15,000 acres including the country house. The "estate" formed an economic system where the profits from its produce and rents (of housing or agricultural land) sustained the main household, formerly known as the manor house.
A tenant enjoying an undivided estate in some property after the termination of some estate of limited term is said to have a "future interest". Two important types of future interests are: Reversion: A reversion arises when a tenant grants an estate of a lesser maximum term than his own. Ownership of the land returns to the original tenant ...
The right to ownership of the property after the death of the life estate owner is called the remainder estate. In England and Wales fee simple is the only freehold estate that remains; a life estate can only be created in equity and is not a right in property.
In law, an "heir" (FEM: heiress) is a person who is entitled to receive a share of property from a decedent (a person who died), subject to the rules of inheritance in the jurisdiction where the decedent was a citizen, or where the decedent died or owned property at the time of death.
Most legal systems distinguish between different types of property, especially between land (immovable property, estate in land, real estate, real property) and all other forms of property—goods and chattels, movable property or personal property, including the value of legal tender if not the legal tender itself, as the manufacturer rather ...
The average property tax rate is 0.56%, one of the lowest rates in the country. The average homeowner will pay around $1,707 - more than $1,000 less than the national average.
Over the millennia and across cultures, notions regarding what constitutes "property" and how it is treated culturally have varied widely. Ownership is the basis for many other concepts that form the foundations of ancient and modern societies such as money, trade, debt, bankruptcy, the criminality of theft, and private vs. public property.
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