Freehold is a property where the right to occupy and use it is granted for an indefinite period. The beneficiary can retain use as long as certain circumstances prevail. It differs from land grants as it does not set a time limit on usage.
Also known as a life property or a simple tax, a freehold is a property in which the right to occupy and use the property is granted for an indefinite period of time. In some cases, the terms of the agreement allow an individual to have full use of the property during her lifetime, provided the provisions of the ownership agreement are observed. While the terms that apply with a given property may vary, there are a couple of typical features of this type of deal. The simple rent must be immovable property or be some type of interest that is in some way directly connected with the immovable property, and the contract must define the right to hold tenure in terms of events rather than a specific duration .
With a property deal, a loved one can be granted full use and possession of the land by a benefactor, with the deal allowing that loved one to retain control of the property as long as certain circumstances prevail. For example, the beneficiary may be allowed to retain use of the property as long as he chooses to remain a resident of the local area. In the event that the beneficiary chooses to move to another country, the right of use is deemed abandoned and possession of the inheritance will be granted to another individual.
In some countries, a property is also known as a freehold. This term came into use in past centuries, and was sometimes employed in areas where feudal law permitted the orderly transmission of property from father to son, with provisions on the son’s conduct in terms of possession of property. Provisions may require the son to refrain from marrying a certain young woman or any woman connected with a family considered undesirable. As long as the son chose a mate from any other family, access to the property was not in danger.
The concept of ownership differs from other mechanisms used to transfer the right to use specific properties. Unlike these other methods, the property does not set a time limit on usage. This is in contrast to land grants where individuals are allowed to hold property for a specified period of time, such as 50 years. With an inheritance, it is more common for an individual to be granted use up to the point of death. Some simple fee arrangements allow the property to remain in the possession of the descendants of the original beneficiary, as long as they, in turn, comply with the provisions contained in the original agreement.
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