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There are many ways to have an interest in land; you could have a fee simple, or a life estate, or a leasehold, or a reversion, or a remainder; it is, however, doubtful that you will have a fee tail, since that has been outlawed almost anywhere. Laws pertaining to real property (interest in land) can be quite complex. A lawyer who conveys interests in real property must always keep the Rule against Perpetuities, but never break the Rule in Shelley’s case, both of which date back to the 16th century, and both of which are currently in force and effect in the United States.
The law of real property, properly understood, parallels and reflects history and social change from medieval times to the present. It is also rather like a video game, with esoteric terms such as seizin and incorporeal hereditaments.
Real property law as we know it in the United States had its origin in turbulent historical time, as feudal society collapsed and was replaced by a capitalist economy. In feudal times, the land was all technically owned by the Crown (the King), who gave its use to the great feudal lords, who in turn gave the use of the land they controlled to lesser beings. Anybody who had land held it in fealty to the feudal lord and, ultimately, the King, who could take it away from you almost at will. You could use the land, so long as your overlord allowed you to, but that was all.
For various economic, social, and political reasons, this system was done away with by the Tenures Abolition Act of 1660. Now, even though the King still technically owned the land, you could sell or buy your rights in land, or leave your interests to your heirs, or give your land away by gift, if you so chose.
This type of possession of land—the right to use it exclusively and to dispose if it—is called fee simple. The term is derived from fief, or feudal holding, which was always with conditions. The fee simple, on the other hand, meant your holding was simple—without conditions.
As noted above, there are other ways to have an interest in land. These rights are conditional and limited. A leasehold, for example, allows you the use of the land for a limited period of time, the term of duration of the lease, but your use is limited and, most importantly, even though you may be able to transfer your rights in the lease to another, you canÂ’t sell the property to someone else. A life estate gives you the use of the land during your lifetime, but you canÂ’t sell it to someone else.
Only the fee simple is absolute and unlimited. Obviously, when you are buying property from someone, you want to be sure you are getting absolute and unlimited ownership.
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