Fee Simple
Generally describes complete ownership of real property.
Life Estate
Generally describes right of a person to use property as if it is his or her own during that person’s lifetime. After death, the interest in real property transfers to somebody else.
Tenancy in Common
Generally describes ownership of real property by two or more persons with each person having a separate undivided interest in the real property. Each owner may convey his or her interest in the real property. At death, a person’s interest passes to his or her heirs, not to the other owners.
Tenancy by Entirety
Generally describes ownership of real property by husband and wife. The surviving spouse has a right of survivorship.
Joint Tenancy with Right of Survivorship
Generally describes ownership of real property by two or more persons with each person having an undivided, equal interest. Each owner may convey his or her interest in the real property, but the right of survivorship may be destroyed. At death, a person’s interest passes to the other joint owners.
Easement
An easement generally creates a right of one person to cross over or enter upon the real property of another for a specific purpose or duration of time. Easements are usually created by express agreement, but may be created in a variety of different ways.
Covenant
A covenant is generally a restriction precluding an owner of real property from doing some specific act on his or her property, for the benefit of another. Covenants are usually created in a deed or similar document.
