A lease is a contractual relationship between a tenant, also known as a lessee, who acquires the right to use the propertyreal estate contract      

        

             Names of the parties who are entering the agreement

             The starting date as well as the duration of the tenancy

             Specifying the property by address

             Stating the conditions regarding renewal

             Method of payment

             Specifics regarding the security deposit and the conditions for its return

             Statutes, default conditions and specific remedies

             Details regarding insurance, restrictive use, and responsibilities for maintenance.  

There are many different forms of leasing, one form which is quite common is a tenancy for years, also known as a fixed-term tenancy. In this form of leasing, the beginning date of the tenancy, and the end date, are both predetermined. The duration could be a week, all the way up to a couple years, it varies based on the agreement made between the lessee and lessor. The end date does not have to necessarily be determined when the exception of this type of tenancy comes into play. The exception revolves around the occurring of an event. 

For example, if Pavel is the lessor, and Nikolai is the lessee, in the lease, Pavel can state that the tenancy exists until he returns from the hockey World Cup in which the return is not yet determined, or he can state that the termination date will occur in the winter, due to the small ice rink he is creating in the backyard. As long as this is all stated within the lease, it is enforceable. The lease automatically expires on the date of termination or on the happening of the specific event, there is no process needed to satisfy the termination of the lease.

A Fee simple defeasible title is the second most powerful means of owning property. The only exceptions which exist are the basic four government regulations, which are taxation, escheat, eminent domain, and police power, and, or a covenants (restrictions) on a deed. A condition on a deed refers to a previous owner creating conditions on the deed that restrict or limit the use of property from a specific use. 

A property initially becomes a fee simple defeasible once there is a covenant on the deed. An example of a restriction on a deed is if a previous owner restricted the sale of alcohol. During this violation, whether the current owner is aware of it or not, the sale or purchase of alcohol becomes prohibited. Since the deeds follow the land, if the sale of alcohol does take place, either the previous owner or any of his lineal descendants may seize the land immediately.

In this given example, since there is the sale of alcohol, most probably this means there is a liquor license on hand. This is a clear violation of a covenant on the deed, and therefore the property title can immediately be confiscated and given to the previous owner or his or her descendants. Not only is the property going to be taken, but since there must be a liquor license on hand that goes with the property, the liquor license is automatically forfeited as well. 

The new owner of the liquor license would be the same individual who has now acquired the title of the property due to the violation of a covenant on the deed. The township or state cannot enforce the violation, only the previous owner or his/her descendants can do so.

A real life example of an issue relating to the violation of a deed was Evans v. Abney, 396 U.S. 435 (1970), argued 12–13 Nov. 1969, decided 29 Jan. 1970 by vote of 6 to 2. Evans is one of a series of Supreme Court decisions that have considered racially discriminatory land‐use covenants and other, privately created, racial land‐use limits. This case dealt a covenant on the deed stating the park can only be used by Whites.

The covenant stayed strong until it collided with the Civil Rights Act when it was created. The conclusion of the trial came forth when the defendant agreed and said “yes, the law states you cannot discriminate against one group different from the other, but, it would not be discrimination if we took the park away as a whole.” 

This statement held valid, not only because it was a loophole that was used, but also because testate law will always hold more importance than property law itself. Looking at the above examples clearly comes to show how important testate law is, and to what extent it is respected. As long as the testate laws do not violate or breach any regulations or rules set by any form of the government, it will be held as a priority.

Fee simple absolute is the powerful form of ownership in a freehold estate. It is the most common way of owning real estateownershipencumbrances 

In a fee simple interest, not only could you enjoy your property during your lifetime, but you may also determine who will receive the property after your death. Between the owner and his or her successors, fee simple is known to have an infinite duration. 

The term fee simple interest, when defined in the aspect of law, stands for: “fee”- the legal right to use land, and “simple”- in the unconstrained sense. There are two applications to this term, first one being without limit to the inheritance of hairs, and the second: it is unrestricted as far as the transfer of ownership is concerned. Overall, there is a hierarchy of ranks, which determine the powers given to each form of freehold estate ownership. Fee simple absolute being on top, fee simple defeasible being right below it, life estate, tenancy for years, and then tenancy at will. Each one has its own specifications from state to state. On a nationwide level, however, they are ranked in the order listed above.