It is freely transferable during the life of theĮstate owner, or on his or her death and each new estate owner is then entitled to enjoy the landįor the duration of his or her life and that of his or her heirs and successorsĮ. Grantee and that of his or her heirs and successors. freehold – comprises the right to use and enjoy the land for the duration of the life of the Important distinction is between chattel and real property.ĭ. “chattel” and sometimes only the tangible part of personal property is termed “chattel.” The most Sometimes the entire category of personal property is termed personal property - Rights in all types of property except land and leases.

Property rights is that they bind not just the original parties to the agreement, but also third partiesī. real property – All properties rights relating to land are real property. (g) corporeal/incorporeal (h) intellectual property?Ī.

(e) fee simple absolute in possession (f) term of years absolute