Possessory interest refers to a legal right that a concessioner holds in real property improvements, as defined by the 1965 Act. This type of interest is obtained through a specific type of concession contract known as a possessory interest concession contract. It is important to note that possessory interest does not include any rights in properties where no such interest exists.
Possessory interest is primarily used in the context of real estate and property law, particularly in relation to concession contracts within national parks and public lands. It is relevant in various legal practices, including:
Individuals can manage possessory interest issues using legal templates available through US Legal Forms, which are drafted by experienced attorneys.
Here are a couple of examples of abatement:
Example 1: A company operating a lodge in a national park may have a possessory interest in the improvements made to the lodge, allowing them to operate the business under a concession contract.
Example 2: A food vendor at a national park who builds a kiosk may hold a possessory interest in that kiosk, as defined by their concession agreement. (hypothetical example)
The primary law governing possessory interest is the 1965 Act, which outlines the definitions and regulations surrounding concession contracts in national parks. Other relevant regulations may include specific state laws regarding property rights and concessions.
| Term | Definition | Difference |
|---|---|---|
| Leasehold Interest | A tenant's right to occupy and use property for a specified term. | Leasehold interest is temporary and may not include improvements. |
| Fee Simple Interest | The highest ownership interest in real property. | Fee simple includes full ownership rights, unlike possessory interest. |
If you believe you have a possessory interest, consider the following steps:
Browse our library of 85,000+ state-specific legal templates.
A possessory interest is a legal right to use and benefit from real property improvements obtained through a concession contract.