A possessory interest is the intent and right of a party to occupy or exercise control over a particular plot of land. This is the type of ownership most of us think about when we think about land ownership. There are three main types of possessory interests: fee simple absolute, life estate, and leasehold.
Consequently, what is a legal interest in property?
A legal interest refers to the legally enforceable right to possess or use property. The term may refer to past, present, or future interests. The term legal interest may also refer to: Equitable interest, which is a legal interest that may be enforced by equitable remedies.
What does it mean to have a life interest in a property?
A life interest (or life rent in Scotland) is a form of right, usually under a trust, that lasts only for the lifetime of the person benefiting from that right. One form of life interest is a life estate, an ownership interest in property that lasts for the life of the party to whom it has been granted.
What does it mean to have an ownership interest in a property?
Person with ownership or control interest means a person or corporation that: Has an ownership interest totaling 5 percent or more in a disclosing entity; Has an indirect ownership interest equal to 5 percent or more in a disclosing entity; Has a combination of direct and indirect ownership interests equal to 5 percent