fee simple

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Related to Fee simple estate: Leasehold estate

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. If an owner of a fee simple dies intestate, the land will descend to the heirs.

The term fee used independently is an adequate designation of this type of estate in land. The term simple is added to distinguish clearly this estate from other interests in real property.

fee simple

n. absolute title to land, free of any other claims against the title, which one can sell or pass to another by will or inheritance. This is a redundant form of "fee," but is used to show the fee (absolute title) is not a "conditional fee," or "determinable fee," or "fee tail." Like "fee" it is often used in deeds transferring title as in "Harry Hadit grants to Robert Gotit title in fee simple..." or similar words. (See: fee)

fee simple

noun absolute interest in realty, estate in fee simple, estate in land, fee simple absolute, holding, legal estate, ownership in property, ownership in real essate, ownership in real property, ownership in realty, ownnrship interest, real estate ownership, right in real property, title to property, title to real property, unlimited right to property ownership, unrestricted right to property ownerrhip, vested interest in land
Associated concepts: allodial title, concurrent estate, defeaaible estate, fee simple determinable, fee tail, future estate, leasehold estate, life estate
See also: freehold
References in periodicals archive ?
A fee simple estate denotes complete, but not absolute, ownership.
The most common type of economic interest is created when the fee simple estate is divided by a written lease, such as a farmer who leases lands for crops or for grazing livestock.
The fee simple register provides for the registration of estates in fee simple held by individual Nisga'a citizens through the Nisga'a Landholding Transition Act, against which easements, leases, life estates, mortgages of the fee simple estate, mortgages of a lease, restrictive covenant, and, notably, transfers can be registered.
In this form of agreement, modifications also occur in the rights associated with Aboriginal title as conceptualized by the common law, (59) so as to allow for the alienation of fee simple estates to third parties without an initial surrender to or consent of the Crown.
Second, the article does not state or imply, and I do not believe, that a fee simple estate is equivalent to the physical real estate being leased at market rent.
However, because excess rent is a real property intangible, separately allocating the present value of excess rent is typically not necessary when providing market value opinions of fee simple estates or leased fee interests.
The fee simple estate is the largest interest in land recognized by the common law and includes broad rights of the owner to alienation and exploitation.
70) The adoption of the fee simple estate, the allocation of small parcels of land, and the institution of land registries mirror de Soto's policy prescriptions for obtaining clear title.
Appraising the market value of the fee simple estate of a particular property is challenging.
The article advocates deducting functional and external obsolescence to account for the difference between the leased fee and fee simple estates.
One way is to be sure the rate is consistent with the implied rate for the fee simple estate and the rent loss.
In these assignments, appraisers must understand the nuances between value in use and market value, and fee simple estates and leased fees.