An interest in land that is inheritable by andtransferable to only lineal descendants of the original grantee. The highest level of ownership a person can have in any real property is the fee simple. Ownership of a fee simple in a parcel of property means the right to own and possess that property in perpetuity (forever).
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What does fee simple mean in real estate?
In English law, a fee simple or fee simple absolute is an estate in land, a form of freehold ownership. It is a way that real estate and land may be owned in common law countries, and is the highest possible ownership interest that can be held in real property. Click to see full answer.
When is a property estate not fee simple absolute?
If the property estate contains any restrictions or limitations, then the estate is likely not fee simple absolute. For instance, if the conveyance of land only lasts for the life of the grantee, then the estate is not fee simple absolute. This interest would be a life estate.
What is the difference between Freehold and fee simple estate?
An ownership interest in real property that has indefinite (indeterminable) duration is known as a freehold estate An estate that can be freely transferred, encumbered and inherited, duration must be indefinite is known as fee simple estate Characteristic of a fee simple estate Inheritable, transferable and it is of indefinite duration
What is fee simple ownership of land?
He is a real estate broker and author of multiple books on the topic. Fee simple ownership entitles a homeowner to full enjoyment of the property, including the land and any structures that may be erected on the land. It’s limited only by zoning laws, deed or subdivision restrictions, and covenants.