The freehold estate: one of only two forms of ownership of land that, under the Law of Property Act 1925, can exist as a legal estate (see also term of years absolute). All others take effect as equitable interests. Fee simple indicates ownership that is not liable to end upon any person's death, with the expiration of time, or on the failure of a particular line of heirs. Absolute means that the owner's rights are not conditional or liable to terminate on the occurrence of any event (except the exercise of a right of re-entry – Law of Property (Amendment) Act 1926). In possession means that the owner's rights are immediate, thus future interests do not qualify, but possession need not imply actual physical occupation (for instance, a person in receipt of rents and profits can be said to be in possession).