What type of interest do property owners have in their property?

Property owners typically have a freehold interest in their property, which means they have ownership of the property for an indefinite duration. This type of interest grants the owner full rights to the property, including the right to occupy it, rent it out, sell it, or make improvements.

Freehold interests are distinguished by their permanence and the owner's control over the property. Unlike leasehold interests, which are temporary and involve a lease agreement for a specified time, a freehold interest is not constrained by time limits. This gives property owners significant autonomy and security regarding their real estate asset.

In addition, freehold interests can be subject to various types of encumbrances or limitations, but the fundamental nature of being a freehold interest means that the owner retains ultimate control over the property. This contrasts with other forms of interest, such as tenancy in common, where ownership is shared among multiple parties, or life estates, which limit ownership rights to the lifetime of the individual and revert to another party thereafter.