What is it called when property is transferred to a third party known as a remainderman?

When property is transferred to a third party known as a remainderman, this situation specifically pertains to a remainder estate. In property law, a remainder estate arises when a life estate is granted to one party, allowing them to use and enjoy the property for their lifetime. Upon the death of the life tenant, the property does not revert to the original grantor but instead passes directly to the remainderman, who holds the future interest in the property.

This concept is foundational in understanding how property interests can be structured, particularly concerning life estates and the legal implications for both the life tenant and the remainderman. The remainder estate is the type of ownership that reflects this future interest, as it signifies the entitlement of the remainderman to take possession of the property once the life estate ends. Therefore, this terminology and structure are vital elements of estate law.

The other answer choices relate to different estate types. For instance, a life estate pertains specifically to the interest granted for a person's lifetime, a fee simple estate is the most complete form of ownership with full rights, and a nonfreehold estate typically refers to leasehold interests without actually owning the property. The concept of the remainder estate encapsulates the specific nature of