An 'estate' is the degree, quantity, and nature of a person's interest in land. The biggest split is between freehold estates (ownership) and leasehold estates (the right to possess but not own).
Freehold estates
- Fee simple absolute — the highest form of ownership; complete and indefinite.
- Defeasible fee — ownership subject to a condition that can end it.
- Life estate — ownership measured by someone's lifetime; reverts or passes to a remainderman afterward.
Ways to hold title
- Tenancy in severalty
- Ownership by one person or entity alone.
- Joint tenancy
- Co-ownership with right of survivorship; requires the four unities (time, title, interest, possession).
- Tenancy in common
- Co-ownership with no survivorship; shares pass to heirs and can be unequal.
- Tenancy by the entirety
- Joint ownership between spouses with survivorship — recognized in Virginia.
Virginia recognizes tenancy by the entirety, which protects marital property from the individual debts of one spouse. This is a common state-portion question.