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Fee Simple. The greatest possible estate in land, wherein the owner has the right to use it, exclusively possess it, commit waste upon it, dispose of it by deed or will, and take its fruits. A fee simple represents absolute ownership of land, and therefore the owner may do whatever he or she chooses with the land.
A fee simple estate is the highest form of ownership recognized by law, but it's still subject to some limitations provided by other laws. The Balance Small Business Fee Simple Ownership in Real Estate: Definition and Exceptions
Real Estate - Fee Simple Law and Legal Definition. Fee simple is absolute title to land, free of any conditions, limitations, restrictions, or other claims against the title, which one can sell or pass to another by will or inheritance. A fee simple title has a virtually indefinite duration. It is also called fee simple absolute.
Definition of fee simple estate: The highest form of real estate ownership that is recognized by law, in which the owner can enjoy the property to its fullest extent and is only limited by zoning laws or other similar restrictions. ...
What is a “Fee Simple” interest in real property? Fee simple is the term used to represent the maximum ownership interest in real property that is allowed under law. It can be referred to as “complete ownership”. The holder of fee simple has complete rights recognized under the law, and these rights carry on in perpetuity.
fee simple 1. An estate in land of which the inheritor has unqualified ownership and power of disposition. 2. Private ownership of real estate in which the owner has the right to control, use, and transfer the property at will.
Definition of Fee Simple Fee simple is a legal term describing the most common and absolute type of property ownership. The owner's property rights are indefinite and can be freely transferred or inherited as the owner desires.
Fee simple ownership is considered the highest form of real estate possession, since the property is owned outright. It is the concept most people have in mind when they buy a home, but they should inquire before purchasing a property. Single-family homeowners usually have fee simple ownership,...
A defeasible estate is created when a grantor transfers land conditionally. Upon the happening of the event or condition stated by the grantor, the transfer may be void or at least subject to annulment. (An estate not subject to such conditions is called an indefeasible estate.) Historically, the common law has frowned on the use of defeasible estates as it interferes with the owners' enjoyment of their property and as such has made it difficult to create a valid future interest. Unless a defeasible estate is clearly intended, modern courts will construe the language against this type of estate. Three types of defeasible estates are the fee simple determinable, fee simple subject to an executory limitation or interest, and the fee simple subject to a condition subsequent. Because a defeasible estate always grants less than a full fee simple, a defeasible estate will always create one or more future interests.
In common law jurisdictions (e.g. England and Wales, United States, Australia, Canada, and Ireland), a freehold is the common ownership of real property, or land, and all immovable structures attached to such land, as opposed to a leasehold, in which the property reverts to the owner of the land after the lease period has expired. For an estate to be a freehold, it must possess two qualities: immobility (property must be land or some interest issuing out of or annexed to land) and ownership of it must be of an indeterminate duration. If the time of ownership can be fixed and determined, it cannot be a freehold. In England and Wales, before the Law of Property Act 1925, a freehold estate transferable to the owner's "heirs and assigns" (that is, successors by inheritance, or purchase (including gift), respectively) was a fee simple estate. When transfer, by inheritance or otherwise, was limited to lineal descendants ("heirs of the body" or "heirs of the blood") of the first person to whom the estate was given, it was a fee tail estate. There were also freehold estates not of inheritance, such as an estate for life.
In English law, a fee simple or fee simple absolute is an estate in land, a form of freehold ownership. It is a way that real estate and land may be owned in common law countries, and is the highest possible ownership interest that can be held in real property. Allodial title is reserved to governments under a civil law structure. The rights of the fee simple owner are limited by government powers of taxation, compulsory purchase, police power, and escheat, and it could also be limited further by certain encumbrances or conditions in the deed, such as, for example, a condition that required the land to be used as a public park, with a reversion interest in the grantor if the condition fails; this is a fee simple conditional.