An estate in real property, by which the owner has the greatest power over the title which it is possible to have, being an absolute estate; an estate of inheritance belonging to the owner, that he may dispose of, trade, or will, as he chooses.
An estate in real property by which the owner has the greatest possible power over the title. In modern use it expressly establishes the title of real property with the owner without limitation or end. He or she may dispose of it by sale, trade, or will, as he or she chooses. In modern estates the terms "Fee" and "Fee Simple" are substantially synonymous. Back to the Top
(also fee interest or fee simple interest) A way of describing full ownership of a piece of land, including all of the legal rights of the property. The word "fee" comes from an old English word meaning "land that can be inherited." Less than fee interest is ownership with restricted rights. A person buying land that already has a conservation easement is getting less than fee interest.
A term used to describe ownership in real estate meaning that the person owning the property has all possible rights to the use of the property, including the right to take a mortgage out on the property or pass it on to their heirs.
An estate limited absoÂlutely to a man and his heirs and assigns forever without limitation or condition. It is one in which the owner is entitled to the entire propÂerty, with unÂconditional power of disposition during his life, and descending to his heirs. It is unÂlimÂited as to duraÂtion, disposition, and descendability.
Also known as the "fee," this type of ownership offers the widest possible ownership of property.Where possible, investors do well to seek out fee simple ownership to foreclosed property, as this gives them the biggest package of owner rights under law.
The terms "fee" and "fee simple" are substantially synonymous. The term "fee" is of old English derivation. "Fee simple absolute" is an estate in real property by which the owner has the greatest power over the title which it is possible to have, being an absolute estate. In modern use, it expressly established the title of real property in the owner, without limitation or end. They may dispose of it by sale, or trade or will, as he chooses.
A type of timeshare ownership wherein the owner holds a deed in his/her name. Fee Simple is considered to be the opposite of right-to-use or lease ownership. This type of ownership continues forever; the ownership of the property can even be bequeathed to heirs.
The greatest estate one can have in real property; of indefinite duration; with no conditions or restrictions on the use of the land other than public ones, such as zoning regulations; freely transferable or inheritable. Also known as the Fee.
The entire or whole ownership of property unburdened by any future interest or any possibility of losing total ownership. Other forms of property ownership are life estate, joint ownership, or tenancy in common, for example.
The highest estate one may have in real property. An absolute or fee simple estate is entitled to the entire property, with unconditional power of disposition during his life, and descending to his heirs and legal representatives upon his death intestate. (Back to Terms list)
An estate in which the owner is entitled to the entire property, with unconditional power of disposition during the owner's life, and which descends to the heirs upon the owner's death if the owner dies without a will.
The absolute total interest in real property. Compare, LIFE ESTATE, REVERSION . FINANCING STATEMENT - Lenders record financing statements to evidence personal property, such as a new furnace, siding or windows, is subject to a lien.
This term most often relates to ownership of a townhome and who pays for what in its maintenance and upkeep. In this type of ownership, your property ownership is very unregulated and generally consists of everything "from the ground up to the sky," as compared to Condominium ownership wherein you own only from the walls into the dwelling and a shared interest in the common areas of the complex. In fee simple you are responsible for the upkeep of the roof, everything on the exterior and usually the property directly in front of and behind your unit. However, the monthly fee you pay (if any) is usually very low â€“ around $50. Regulations and rules vary widely between complexes, so be sure to ask for a copy of the covenants any condo or townhome you may consider buying.
This term is defined as the ownership of property without encumbrances regarding resale. Fee simple means the owner is free to sell the property in any manner, or include it in a will as an inheritance.
This is the preferred type of real estate ownership. This particular type of interval ownership is the opposite of Right-to-Use or lease ownership and continues forever. The owner holds a deed in his/her name and the ownership of the property can be bequeathed to heirs.
An estate in which the owner has unrestricted power to dispose of the property as he wishes, including leaving by will or inheritance.· Finance Charge: The total cost a borrower must pay, directly or indirectly, to obtain credit according to Regulation Z.
The maximum form of ownership, with the right to occupy a property and sell it to a buyer at any time. Upon the death of the owner, the property goes to the owner's designated heirs. Also known as fee absolute.
The largest possible interest in real estate. When you own property in fee simple, you enjoy substantial rights to it, and may dispose of it as you see fit. This may includes selling it, using it for any lawful purpose and leaving it to your heirs.
The maximum possible estate one can possess in real property. A fee simple estate is the least limited interest and the most complete and absolute ownership in land; it is of indefinite duration, freely transferable and inheritable. Fee simple title is sometimes referred to as "the fee." (See fee title)
The highest form of ownership. An estate under which the owner is entitled to unrestricted powers to dispose of the property, and which can be left by will or inherited. Also known as "Fee" or "Fee Simple Absolute."
the bundle of rights which are inherent in ownership without any limitation or restrictions other than those provided by law, annotated on the title, or stipulated by contract. The bundle of rights includes the right to possess, to use, to dispose, to the fruits, and to recover.
An estate of inheritance in land without limitation to any class of heirs or restrictions on alienation; the most extensive interest in property recognized by the common law. (Hogue, Arthur R. Origins of the Common Law, 256) Related terms: Fee / Fief
"The estate in fee simple is the largest estate or interest known in law and is the most absolute in terms of the rights which it confers. It permits the owner to exercise every conceivable act of ownership upon it or with respect to it, including the right to commit waste. Moreover, his rights extend, in theory at least, 'up to the sky and down to the centre of the earth'." Anger and Honsberger
An ownership interest in real estate that is perpetual and without conditions, limitations, or restrictions. To own land “in fee simple” means to have complete ownership of the land, with all the usual rights associated with ownership
The estate in land which is 'the most extensive in quantum, the most absolute in respect to the rights it confers of all estates known to lawâ€¦and for all practical purposes of ownership, it differs from the absolute dominion of a chattel in nothing except the physical indestructibility of its subject': Commonwealth v New South Wales (1923) 33 CLR 1. Originated in feudal times as an estate capable of inheritances (a 'fee') which could descend to any heirs whatsoever of the original grantee.
A term referring to the ownership of property and meaning the most extensive tenure allowed under the feudal system, allowing the tenant to sell or convey by will or to transfer to an heir if the owner dies intestate. In modern law, almost all land is held in fee simple and this is as close as one can get to absolute ownership in common law.
This type of ownership is the maximum interest a person can have in a piece of real estate. It entitles the owner to use the property in any manner they see fit, in accordance with state and local laws.
A type of timeshare ownership where the owner holds a deed in his/her own name. This type of ownership is the opposite of Right-to-Use or lease ownership. It continues forever and the owner can sell or pass on this ownership.
Ownership without conditions. The English Common Law provided for a number of ways of owning title to land. The word "Fee" meant ownership and additional words added described the style of ownership. "Fee Simple" was simple ownership, without any reservations or terms. An estate limited absolutely to a person and his or her heirs and assigns forever without limitation or condition. The name survives today.
The highest extent of ownership, extends all the way to death and passes on with heirs. What we typically think of as ownership. Ownership of a fee simple estate has no definite end time making the estate inheritable on one's heirs.
An unconditional, unlimited estate of inheritance that represents the greatest estate and most extensive interest in land that can be enjoyed. It is of perpetual duration. When the real estate is in a condominium project, the unit owner is the exclusive owner only of the air space within his or her portion of the building (the unit) and is an owner in common with respect to the land and other common portions of the property.
The absolute total interest in real property. An affiliate of the Federal Home Loan Bank which creates a secondary money market in conventional residential loans and in FHA and VA loans by purchasing mortgage loans from members of the Federal Reserve System and the Federal Home Loan Bank Systems.
The largest quantum of ownership recognized by law; also referred to as fee simple absolute or fee. The owner of the fee simple has unlimited power to dispose of the interests during his or her lifetime and upon death the property is automatically passed on to the owner's heirs and devisees either by will or by descent. Ownership in this country is ordinarily in the fee simple form. The only restrictions on use are those restrictions defined by the law of nuisance or those necessarily imposed by law in order to protect the interests of society. A fee simple owner may convey lesser estates, sell easements, mortgage the property or do whatever else he or she wishes with the property so long as others are not harmed by the improper use of the property. The fee simple absolute is created by using the words 'to (name) and his heirs and assigns forever.' FEE SIMPLE DETERMINABLE A qualified fee simple estate created to exist only until the occurrence or nonoccurrence of a particular event. The words, "so long as" are ordinarily used to create the estate.
The estate in fee simple is the highest estate in the land, and it is the closest the law comes to recognising absolute ownership for all practical purposes. However, while we refer to a proprietor of an estate in fee simple (who is the owner for all practical purposes), their ownership is not legally absolute, for absolute legal ownership of all and rest with the Crown.
A term used to describe the most complete ownership that a person can have over a property. Fee simple is the most common type of ownership that allows you to have unlimited control over a property – most homes are held in fee simple. You can find this term written on the deed to your home. A property held in fee simple, unlike other types of ownership, can be included in a will for someone to inherit. Fee simple is also called an estate of inheritance or estate in fee.
or Fee Simple Absolute - A term used to describe the most complete ownership and title to real property that a person can have. The owner has the absolute right to control, use and transfer the property at will, free from condition or limitation.
An estate under which the owner is entitled to unrestricted powers to dispose of the property, and which can be left by will or inherited; commonly, the greatest interest a person can have in real estate.
The highest and purest form of real estate ownership. This type of timeshare ownership is the opposite of Right-to-Use or lease ownership and continues forever. The owner holds a deed in his/her name and the ownership of the property can be bequeathed to heirs.
The absolute total interest in real property. Compare, Life Estate, Reversion. Financing Statement - Lenders record financing statements to evidence personal property is subject to a lien. The company who finances a new furnace, siding or windows may record the financing statement to evidence they have not been fully paid for.
A common form of land ownership which is registered at land registry. It is the purest and most secure type of ownership and denotes permanant ownership that can legally be passed on to heirs. It is also referred to as "freehold"
This type of ownership, which is the maximum interest a person can have in a piece of real estate, entitles the owner to use the property in any manner as long as it is in accordance with state and local laws.