Glossary of Terms, Acronyms and Definitions
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A contract in which the fee owner transfers to a lessee the right of exclusive possession and use of an area of land or water for a fixed period, which may be renewable.
The agreement (lease) cannot be readily revoked at the lessor’s discretion.
Lessor must be able to regain possession of the interest at the end of the lease term (temporary ownership).
An estate in real property limited to the remaining lifetime of a designated individual(s). The life estate ends at the death of the original holder of the life estate even if that individual transferred some or all of the rights in the life estate to another entity.