The common law distinguishes estates along two main axes: (1) freeholds versus leaseholds and (2) present versus future interests.
An interest in real property that amounts to an estate is a measure of the degree to which a thing is owned the form of ownership deals with the particular person or persons who own it.) (Be careful not to confuse the various types of interests in real property with the forms of ownership, such as joint tenancy.
Land and other real property can be divided into many categories of interests, as we will see. You would doubtless think it odd if you were sold a used car subject to the condition that you not paint it a different color-and that if you did, you would automatically be stripped of ownership. The notion that the owner might lose her property when a particular event happens is foreign to our concept of personal property. The owner of a car has the right to drive it where and when she wants, rebuild it, repaint it, and sell it or scrap it. Ordinarily when we think of property, we think of only one kind: absolute ownership. In property law, an estate is an interest in real property, ranging from absolute dominion and control to bare possession.
