What does the term in fee simple mean?

An interest in land. Land owned in fee simple is owned completely, without any limitations or conditions. This type of unlimited estate is called absolute. A fee simple is generally created when a deed gives the land with no conditions, usually using the words like “to John Doe” or “to John Doe and his heirs”.

What is meant if a property is held in fee simple?

Land that is fee simple is a freehold estate of land and is the highest of two forms of land ownership in law. Fee simple means that the land is completely owned and, therefore is capable of being inherited by the land owner’s heirs – whether under a will or the statutory rules of intestacy.

How long does a fee simple estate in land last?

The term of the lease is usually for a period of 999 years.

Is fee simple a good thing?

As a matter of fact, having a fee simple estate is a good thing when it comes to property ownership. It means you own the property outright, and no one else has claim to it. It’s described by many different sources as the highest form of land ownership in common-law countries.

Is a condo fee simple?

Definition of Fee Simple Fee simple is a legal term describing the most common and absolute type of property ownership. Owners of single-family residences have fee simple ownership, but condo and many townhouse owners don’t, since they own only their individual unit, not the land on which the development is built.

What rights are included in the fee simple absolute?

When a person owns a fee simple absolute estate interest, that person has the absolute right to use the land, possess it, dispose of it, and even damage it. A fee simple absolute estate interest is the greatest and highest property ownership estate right recognized by United States law.

How are titles held to units fee simple?

Fee simple ownership is the most commonly used type of ownership. Simple means unconstrained and fee refers to legal rights of the land. Fee simple ownership is the absolute and unqualified legal title to real property, including both buildings and land.

Can you own a condo in fee simple?

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