Ownership, Interests in Real Property, and Property Rights
Estates and interests
Freehold estates include fee simple absolute, fee simple defeasible (determinable or subject to condition subsequent), and life estates. Leaseholds are personal property interests. Easements may be appurtenant (benefits a parcel) or in gross (benefits a person), and may arise by express grant, implication, necessity, or prescription. Encumbrances include liens, deeds of trust, easements, covenants, and encroachments; they affect title without necessarily preventing transfer.
Co-ownership
Tenancy in common carries no right of survivorship and freely descendible shares. Joint tenancy with right of survivorship requires express survivorship language in Virginia-it is not presumed. Tenancy by the entirety is available only to married couples, carries survivorship, and cannot be unilaterally severed by one spouse.
Security instruments
Virginia lenders typically use a deed of trust: a trustee holds bare legal title as security while the borrower keeps possession and equitable title. When the debt is paid, the trustee must release the deed of trust so the lien clears from the record.
Fixtures and rights
Fixtures pass with the land; the tests are annexation, adaptation, and intent. Riparian rights govern owners along water. A life tenant may not commit waste and cannot devise the property.
Rule of thumb
Ask two questions: does the interest survive the owner's death (survivorship), and does it burden or benefit a specific parcel (appurtenant vs. in gross)?