HELP! Fee Simple? Or Leasehold Estate?:
Fee Simple Estate:  A Fee Simple Estate is the highest and largest interest someone can hold while in possession of a property (Fee Simple usually means "Owner of the property").  A Fee Simple Estate is one that is inheritable, transferable and perpetual.  It can be inherited by leaving the property to someone in a will or letting it automatically pass on to the owners' heirs if there is no will (inheritable), it can be sold, divided, or given away by the owner(s) (transferable), and the property can be possessed by the owner(s) and their heirs for an unlimited period of time (perpetual).

Leasehold Estate:  This is a more limited interest in an estate.  Simply put, a leasehold estate allows exclusive possession of the property for a limited time only (specifically, an estate for years, a periodic tenancy or a tenancy at will).  If you have a leasehold estate you are a lessee or a tenant - you are basically renting the property.

If leasehold estate, enter expiration date:  If you have a leasehold estate, there will be a termination or expiration date showing when the interest of the property (reversionary interest) will return to the owner or landlord of the property.  Enter this date in the field.
 

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