Posted by chris on January 15, 2000 at 24:47:39:
These are from a legal terms glossary. Hopefully they will help you.
LEASEHOLD ESTATE
A way of holding title to a property wherein the mortgagor does not actually own the property but rather has a recorded long-term lease on it. (Source: FNMA Selling Guide, Glossary)
LEASEHOLD MORTGAGE
A loan to a tenant secured by a leasehold interest in a property.
FEE SIMPLE
An unconditional, unlimited estate of inheritance that represents the greatest estate and most extensive interest in land that can be enjoyed. It is of perpetual duration. When the real estate is in a condominium project, the unit owner is the exclusive owner only of the air space within his or her portion of the building (the unit) and is an owner in common with respect to the land and other common portions of the property. (Source: FNMA Selling Guide, Glossary)
FEE SIMPLE DETERMINABLE
An estate which has been created to exist only until the occurrence or nonoccurrence of a particular event.
FEE SIMPLE SUBJECT TO A CONDITION SUBSEQUENT
An estate which is subject to a power in the original grantor or the grantor’s heirs to terminate the estate upon the happening of an event.
FEE SIMPLE SUBJECT TO AN EXECUTORY LIMITATION
An estate which will automatically pass on to a third person upon the occurrence or nonoccurrence of a stated event.