fee simple

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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. 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 ?
Beyond deferral of capital gains taxes and depreciation recovery, 1031 TIC exchanges offer ease of property ownership in the form of fee-simple, deeded fractional interests in institutional, investment-quality real estate; a pro-rated share of cash flow, depreciation and appreciation; typically independent professional asset and property managers; established governance rules and voting procedures among property owners; and a simplified closing process.
Purchasers obtain a fee-simple title to their home, thereby securing the benefits of home ownership for the preservation of an estate for future generations.
Among features the savvy vacation or speculative home-buyer would appreciate are the Bahamas lack of property taxes, fee-simple purchase, easy transfer of title, no stamp duty and even a home-owner association covenant and agreement styled after those U.