What Does Freehold Property Mean?
Freehold property is any type of property that is free of any hold by any entity other than the owner of the property. It is not subjected to maintenance fees and must only follow the laws and regulations of the area that it is in.
Owners of freehold properties are able to do anything they want with the properties as long as their actions are within the legal limitations. Although a property can be used for many different things, an individual who owns a freehold company must be sure that he is following all the zoning regulations of an area. For example, a person cannot use a freehold property to run a business when the property is only zoned for residential use.
Freehold property is among the property types that can be inherited. When a person inherits the free property, he is able to treat the property in the same way that the previous owner had treated it. Other than local laws, there are no limitations or regulations that a person must follow when it comes to inherited free property. The property is also able to be transferred with less paperwork than a traditional property through the use of a simple sales deed registration of the property.