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Legal Terms in Real Estate -Terminologies & Words (A1)
A1. Types of Ownership Rights & Property Claims 1. Freehold 2. Leasehold 3. Co-ownership/ Joint Ownership 4. Encumbrance 5. Encroachment 6. Easement 1. Freehold Freehold property can be defined as any property that is "free from hold" of any person/entity other than the owner, also known as the "freeholder". As a freeholder, you own the building as well as the land it’s built on, for an indefinite period of time, and can be inherited by a legal guardian. It is free from any encumbrances and can be easily transferred by registration of the sale deed. 2. Leasehold Leasehold means you have the absolute right to occupy and use a property for a fixed period of time called the leasehold period (30, 60, 99 years), but you don’t have authority on the land the property is built on. A good example of leasehold property is the land given to project developers or builders who construct apartment/townships. 3. Co-ownership/ Joint Ownership When there is more than one ow...
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