what is a fee simple estate
So,What Is Fee Simple?Fee simple is a form of ownership that the law views as unrestricted,absolute ownership of a property by the owner (s) listed on the deed.This is different from leasehold ownership in that the property belongs to the owner. …Fee simple ownership still applies to mortgaged property. …More items…
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What is a fee simple estate in land?
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.
What happens to a fee simple estate when the owner dies?
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.
What is 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.
What are the rights of a fee simple property?
As Nolo puts it, fee simple is just 渙utright ownership.?The exception to ownership rights that mortgaged fee simple property presents is the lien holder ability to take possession of the property if payment conditions aren met. Can Multiple People Share Fee Simple Interest Ownership?