Linden Lab Official:What's the difference between Estates and Private Regions?

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An Estate is a term for a group of one or more Private Regions that belong to one Resident.

• Each square on the map is a Region.
• A Resident can own many Estates, each with at least one Region in them.
• An Estate can never have less than one Region.
• Regions owned by different Residents cannot be in the same Estate.

Regions in the same Estate share certain common settings, including but not limited to:

• Ban lists
• Sun settings
• Estate managers

There are a few other differences:

• We currently don't charge to change Estate names, but there's a $50 charge to change Region names.
• Residents can request transfer of ownership of Regions, but not entire Estates. If a Resident wants to transfer ownership of an Estate that comprises only a single Region, that can probably be done.