Freehold/ Leasehold Estates.

When something is a freehold estate, it means that 'I own the property'. You are the owner of the land and there is no time deadline. The property could last a lifetime, because the land could be willed to a person's heir.

Types of Freehold:

• Fee Simple
• Fee Defeasible
• Life Estate
• Fee Tail

When something is a leasehold estate, it means that 'I rent the property'. This is also known as leasing. There usually is a time deadline to the property. Can be known as 'less than freehold estates'.

Types of Leasehold:

• Estate for years
• Estate for period
• Estate at will
• Estate at sufferance

In an apartment complex, a landlord owns the property in freehold, but rents it to the tenant in leasehold.