There exist a difference between fee simple life estate leasehold interest easement and tenancy
In fee simple is whereby the buyer of the property is provided with the tittle so that he has the right to possess and use the land as long as he is alive and in accordance to his wish. In other words, the ownership of the fee simple has absolute ownership of the real property and he acquires the entire property including the land and the buildings so that he can use these properties for his economic advantage.
On the other hand, life estate ownership is the land ownership for the duration of a person’s life, to imply that such ownership ends upon the death of the owner, after which the ownership of the land may be reverted to the owner or it may be passed to another third party (Sealy & Hooley, 2008).
The principle in life estate is that the ownership of the land becomes the tenant since the ownership does not exist beyond the death of the owners so that it can be passed to the owner or other third parties. Legally, easement is the non-possessory interest in another person’s land that allows the holders to use the property for economic gain, despite lacking ownership to the land and the owner remains with exclusive right over his land.
According to Sealy and Hooley (2008), easement is the right of one person to exercise a limited form of ownership or possession of somebody’s property for a certain period of time while the full ownership remains with the original owner. On the other hand, a tenacy is usually a short-term agreement, whereby the tenant mainly uses the value of the fixtures and fittings for his interest in the property.