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Property possession is not simply just ownership. There are many different types of possession but the they all fall under a couple of categories: freehold, statuatory, lease, and equitable. Understanding these types of real estate possession will help you not only understand whether a property can be purchased with clear title but will also give insight into ownership.

- Freehold is common ownership by an individual.
- Statuatory is possession by a husband and wife or community property.
- Leasehold is renting a house or apartment for terms.
- Equitable refers to liens.

The two most common types of possession is freehold (home ownership) and statuatory (husband and wife). Equitable possession does not mean ownership. This means that there is a lien on the property or a easement right. A lien is a debt that has not been paid and there for the debt is attached to the title and will be claimed when the house is sold. An easement is just a right to use land for a purpose. This could be using the land to access a street.

These real estate possession types are vital in understanding the industry. Here are a couple of ways to remember these terms.

- Freehold means an individual is free to hold the property.
- Statuatory can be easily remembered by thinking of the statue of liberty because the statue of liberty is a sign of freedom for everyone. Statuatory possession is the right and freedom of a married couple and an implied equal interest in the property.

Equitable could be remembered by saying it is equitable to have a road going through a property to a grocery store.

Leasehold can be remembered by saying a lease is to hold and long as my term to hold allows me to hold lease.

I hope that with this article you have a firm understanding of the 4 types of real estate possession and how you can remember the terms. These types of possession are vital an understanding the industry as a whole.