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(i)
1.Ownership
- Is proprietary in nature as it confers basics rights over property for example right exclusive use, misuse, possession and disposition.
- The owner if legally entitled to part with possession.
- It is a question of law.
- May be acquired in different ways for example, inheritance, adverse possession, transfer
2. Possession
- This is the act of holding or being in control of property and the intention to exert control.
- It generally confers no proprietary rights.
- It is a question of fact.
- It is often said that possession is “nineteenth” of the law.
- May be converted to ownership in various ways.
(ii)
1. Free Simple
- This is the largest estate a person can acquire from the state.
- It confers unlimited right to use, abuse and to dispose.
- It is disposable by deed or will.
- It is unlimited in duration.
- It is a freehold estate
- Can be inherited by anyone but escheats to the state in the event of failure of an issue.
- It may be created by grant as well as entranchisement.
2. Leasehold
- This is a secondary estate derived from a primary estate.
- A lease is a transaction which creates the relationship between the landlord and tenant between the grantor and the grantee.
- Leasehold is the quantum of rights demised by the lease.
- It confers the right to possession and use.
- Subject to numerous conditions.
- It is for a defined premises for a specified duration but confers exclusive possession.
- It is a contractual relationship.
- A leasehold may be fixed term, periodic,service sufferance or at will.
- It is terminable in various ways, for example notice, surrender forfeiture lapse of time etc.
raphael answered the question on April 16, 2018 at 18:03
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