Fee Simple

Also found in: Dictionary, Thesaurus, Financial, Acronyms, Encyclopedia, Wikipedia.

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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

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)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.
References in periodicals archive ?
This Article offers a defense of the fee simple. I make two main
argument for replacing the fee simple. The critique that the fee simple
misallocation of land is attributable to the fee simple as opposed to
(67) When such an application is made, the Nisga'a Nation must provide a Nisga'a Certificate, setting out all the subsisting reservations, conditions, etc., as well as any estates, interests or outstanding charges to which the estate in fee simple of the parcel is subject.
In the case of Metis settlement lands, the overriding fee simple interest held by the Metis Settlement General Council for the benefit of members of the individual settlement groups is expressed in the language of the settler state.
The Nisga'a Land Title system applies to Nisga'a Lands, i.e., land over which the Nisga'a Nation has both fee simple ownership and jurisdiction under the terms of the Nisga'a Final Agreement.
In a system of immediate indefeasibility, bona fide purchasers for value of the fee simple interest acquire indefeasible title on registration of their interest, even if acquired from a rogue on the basis of a forged instrument.
(2) Even though an instrument purporting to transfer a fee simple estate is void, a transferee who
In a proper market value appraisal of a fee simple estate in a property leased above market (such as in some ad valorem cases), excess rent is never addressed because the property must be appraised as unencumbered.
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.
There are plenty of comparable properties at market rents, so you are comfortable estimating the fee simple value as a starting point.
If the appropriate market (occupied fee simple) discount rate is 12%, an indication of value can be obtained as shown in Table 1.