Many believe that selling a land estate is simple, but they would be wrong. There are plenty of rules that go into selling an estate. Additionally, there are multiple types, which can get a little confusing.
Knowing the different types is crucial to a seller’s success. The YouTube channel Apex Real Estate Academy does an excellent job of breaking down what a freehold estate is.
What Type of Land Estates Are There?
There are two primary types of land estate: freehold and leasehold. A freehold estate grants the owner the right or title to the land for an indefinite period, often referred to as an estate of inheritance. On the other hand, a leasehold estate involves the buyer being granted a lease to rent the property for a specific duration. Understanding these distinctions is essential for sellers to make informed decisions.
How Do I Know Which is Best?
For sellers who are unsure about the type of estate to choose, a freehold estate is generally the best option. Freehold estates encompass free simple estates and a life estate. However, it’s important to carefully consider the conditions before making a decision, as this can significantly impact the selling process.
Conclusion
Some sellers find estate selling complicated. The best way to determine which method is right for them is to educate themselves on what options are available. That way, they can better make a decision that benefits them.
