An estate in land is an interest in real property that is or may become possessory.
This should be distinguished from an "estate" as used in reference to an area of land, and "estate" as used to refer to property in general.
In property law, the rights and interests associated with an estate in land may be conceptually understood as a "bundle of rights" because of the potential for different parties having different interests in the same real property.
Categories of estates
Estates in land can be divided into four basic categories:
conditional, defeasible, or determinable fee—voidable ownership
life estate—ownership for duration of someone's life
Leasehold estates: rights of possession and use but not ownership. The lessor (owner/landlord) gives this right to the lessee (tenant). There are four categories of leasehold estates:
estate for years (tenancy for years)—lease of any length with specific begin and end date
periodic estate (periodic tenancy)—automatically renewing lease (month to month, week to week)
estate at will (tenancy at will)—leasehold for no fixed time or period. It lasts as long as both parties desire. Termination is bilateral (either party may terminate at any time) or by operation of law.
tenancy at sufferance—created when tenant remains after lease expires and becomes a holdover tenant, converts to holdover tenancy upon landlord acceptance; see Forcible Entry and Detainer Statutes
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