Right, or ownership in land; technically, the degree, quantity, nature, and extent of a person's interest or ownership of land. In its broad sense, "estate" applies to all that a person owns, whether real or personal property. See 205 P. 2d 1127, 1130; 175 S.E. 2d 351, 353. See also privity [
contingent estate see contingent estate.
dominant estate see dominant estate [tenement].
equitable estate an estate or interest which can only be enforced in equity; especially applies to every trust, express or implied, which is not converted to a legal estate by the statute of uses. "In law, the legal estate is the whole estate, and the holder of the legal title is the sole owner. But this title may be held for the beneficial interest of another, which interest has come to be called an ‘equitable estate.' It is not, however, strictly speaking, an interest in the land itself, but a right which can be enforced in equity." 35 A. 213.
estate in fee simple see fee simple.
estate in fee tail see fee tail.
future estate [estate in futuro] an estate in land which is not possessory but which will or may become so at some time in the future. "Future estates" are either vested or contingent, and include remainders and reversions. See 112 N.Y.S. 310, 311. See also future interest.
legal estate originally, an interest in land that was enforced by courts of common law, as opposed to an equitable estate, enforced by courts of equity. Prior to the fifteenth century, the law conceived of only one type of ownership in the same property, which was the "legal estate." The development of uses andtrusts, however, led to the present dual system of ownership whereby a title to property does not necessarily imply the right to beneficial use and enjoyment. For example, in a trust relationship the trustee possesses legal title to the trust property; however, the beneficiary of the trust has the equitable estate and is entitled to the exclusive benefit of the trust. Similarly, one who purchases property under an installment land contract has an "equitable estate" and is entitled to possession. However, the seller holds the "legal estate" or "title" to the property, until the property is paid in full. See Restatement, Property §6. See lien jurisdiction; Statute of Uses.
net estate see net estate.
preceding estate see preceding estate.
residuary estate see residuary estate.
servient estate see servient estate.
vested estate one either presently in possession or one owned by a presently existing person to whom the property interest will automatically accrue upon the termination of a preceding estate. See 68 N.E. 1057. Such an estate thus represents a present interest and as such is neither subject to any contingency nor otherwise capable of being defeated. Compare contingent estate. See vested [vested estate].
