Which types of estates include Fee Simple Estates and life estates?

Fee Simple Estates and life estates are classified as Freehold Estates. This category of estates represents ownership interests in real property that are not limited by time. A Fee Simple Estate is the highest form of ownership in real property, where the owner has complete control over the property and can sell, lease, or bequeath it. On the other hand, a life estate is an interest in property that lasts for the lifetime of a specified individual, after which the property passes to another party or reverts to the original grantor.

The distinction of Freehold Estates lies in their permanence and the owner's rights over the property, unlike Leasehold Estates, which are temporary and granted under a lease agreement, indicating a lesser form of ownership. Non-Freehold Estates is another way to refer to leasehold interests, which further emphasizes the finite duration of those rights. Remainder Estates refer specifically to the interest a person has when a life estate ends, but they do not constitute an estate category on their own. Thus, recognizing that Fee Simple and life estates fall under Freehold Estates is essential for understanding property ownership in real estate.