legal estate

Definition:

an estate, interest or charge authorised to subsist or to be created as a legal estate. The three most important types of legal estate are (a) an estate in fee simple absolute in possession; (b) a term of years absolute; (c) a charge by way of legal mortgage. A legal estate in land confers a right over the land to the estate owner which must be recognised by every other person, whether given notice of the existence of the legal estate or not.



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