legal estate


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.


Add to or refine this definition | Discuss on our forum