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Legal Terms - fee simple, absolute possession
According to the Law of Property Act 1925, only two types of land ownership can be considered legal estates: freehold estates and absolute terms. All other interests are considered equitable. Fee simple ownership does not expire due to death, time, or failure of heirs. Absolute ownership means that the owner's rights are not conditional or liable to expire based on any event (save for exercising a right of re-entry under the Law of Property Amendment Act 1926). Possession refers to the owner's current rights and excludes future interests. It does not necessarily require physical occupation (e.g., receiving rents and earnings can be considered possession).
According to the Law of Property Act 1925, only two types of land ownership can be considered legal estates: freehold estates and absolute terms. All other interests are considered equitable. Fee simple ownership does not expire due to death, time, or failure of heirs. Absolute ownership means that the owner's rights are not conditional or liable to expire based on any event (save for exercising a right of re-entry under the Law of Property Amendment Act 1926). Possession refers to the owner's current rights and excludes future interests. It does not necessarily require physical occupation (e.g., receiving rents and earnings can be considered possession).
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