Real Estate Glossary

Fee simple is a term used in real estate to describe a type of property ownership. When someone owns property in fee simple, they have full and absolute ownership of the property, which includes both the land and any buildings or improvements on the land. This means that the owner has the right to use the property, sell it, rent it out, or give it away as they wish. It also means that the owner is responsible for paying taxes on the property and maintaining it. A fee simple property ownership is considered the most complete and absolute form of ownership. It is often compared to a leasehold estate, where a person holds a right to use the property for a certain amount of time, but do not have the right to convey or transfer the property. In most cases, when a person purchases a piece of property, they will be buying it in fee simple. This means that they will own the property outright and will not have to share it with anyone else. When you see a property listed for sale as "fee simple," it means that the seller is offering the buyer full and complete ownership of the property. Fee simple ownership is also known as freehold estate and is the most common form of property ownership in most jurisdictions. It is also the form of ownership that most people are familiar with and is the default form of property ownership in most legal systems, unless otherwise stated.