Fee Simple Ownership Subject To Condition Subsequent
As an example, an owner might use this form of ownership if they wanted to give away the land subject to the building of a library. If the library isn't subsequently built, the owner has a right to take the land back, but they need to take action to do so.
Why is it called a fee simple estate?
Wealth in ancient times was often measured by the amount of livestock one owned. Other words associated with fee are fief, feudal and pecuniary. Thus, fee simple means the maximum interest in the property, being unqualified, of indefinite duration, freely transferable and inheritable.
What is an example of a fee simple?
For example, a homeowner may choose to build an addition onto their house and would not be limited by a lease or other contractual obligation. Owners of fee simple land maintain full control over the interests of the land for an unlimited duration, usually until they convey the interests of the land to someone else.
What are the benefits of fee simple ownership?
Fee simple ownership provides the owner will full enjoyment and control over the property. Fee simple owners can encumber the property as collateral for loans and can bequeath it to a beneficiary in a will, but they're still restricted from breaking the law or local covenants on or within the property.
What is the most common form of ownership fee simple?
Fee simple.
This is the most common type of interest. It is outright ownership. Even if you still owe money on your mortgage, as long as you have the right to sell the house, leave it to your heirs, and make alterations, your ownership is fee simple.
What does fees mean in real estate?
Fee, also called Fee Simple, in modern common law, an estate of inheritance (land or other realty) over which a person has absolute ownership. The owner may put it virtually to any use—sell it, give it away, rent or lease it, mortgage it, or bequeath it.
Ran across a new (to me) concept in a quiet title action.
— Joe Powell (@titlelawyerjoe) August 3, 2023
Plaintiff has all but about 2.75% of the property. Trying to find heirs of the one owner left comprising that %. Ends up getting 3 of the 5 heirs to sign but can't find the other 2.
Judge puts the interest of the…
What is a fee simple estate also known as?
The fee simple estate is also called "estate in fee simple" or "fee-simple title", or sometimes simply "freehold" in England and Wales. From the start of the Norman period, when feudalism was introduced to England, the tenant or "holder" of a fief could not alienate (sell) it from the possession of his overlord.
Frequently Asked Questions
What are the advantages of fee simple ownership?
Owners with fee simple can use or transfer their property freely, but they still have to follow certain legal rules. Advantages of fee simple include total control of the property, being able to transfer rights, limited liability, and a better chance of keeping the land from being seized for unpaid debts.
What is the meaning of in fee?
(law, idiomatic, archaic) Of an estate in land, inherited or owned by one who has the absolute right to dispose of the land as they desire, including the right to select an inheritor of the land.
What is a fee interest in real estate?
“Fee interest” or “fee simple interest” is a legal term used in real estate to describe the most complete form of ownership or rights one can have in property. The term “fee” comes from old English law, where it signified inheritable land, and “simple” means without restriction to any particular class of heirs.
What is the legal definition of a fee?
In common parlance, a fee is a payment or charge for services rendered, usually in the form of money or property. In legal and property contexts, however, a fee can also be a heritable interest in land, such as a fee simple. [Last updated in July of 2021 by the Wex Definitions Team]
FAQ
- What is a fee simple estate and what are its characteristics?
- Fee simple is a legal term used in real estate that means full and irrevocable ownership of land, and any buildings on that land. Fee simple is the highest form of ownership — it means the land is owned outright, without any limitations or restrictions other than local zoning ordinances.
- What is another name for the fee simple estate?
- The fee simple estate is also called "estate in fee simple" or "fee-simple title", or sometimes simply "freehold" in England and Wales.
- What is a fee simple estate for dummies?
- The real estate term fee simple describes a landowner's complete and total ownership of a piece of land and all properties on it. The fee simple owner may do anything they wish on the land, as long as it falls within established easements and zoning laws.
- What is another term for fee simple?
- The fee simple estate is also called "estate in fee simple" or "fee-simple title", or sometimes simply "freehold" in England and Wales.
What is fee simple ownership in real estate
| What's the meaning of a fee simple estate? | The real estate term fee simple describes a landowner's complete and total ownership of a piece of land and all properties on it. The fee simple owner may do anything they wish on the land, as long as it falls within established easements and zoning laws. |
| What is the meaning of fee simple interest? | A fee simple is the greatest possible property interest in land, granting its owner all traditional property rights. Because a fee simple interest stretches out in time forever, there can only be one fee simple at a time for any given chunk of land. |
| What is a fee simple interest in real estate limited only by? | An interest in fee simple remains unencumbered by another interest or estate and subject only to limitations imposed by government taxation, eminent domain, police powers, escheat, and covenants/restrictions. A related real estate term to fee simple is fee simple absolute conveyance. |
- What is the opposite of fee simple?
- Fee simple ownership requires no rent be paid, though property taxes still must be paid to the local and state government where applicable. A leasehold requires rent be paid to the true property owner, and depending on the terms of the lease, the lessee may also pay property taxes.
- What does fee simple mean in relations to real estate
- Mar 14, 2023 — The real estate term fee simple describes a landowner's complete and total ownership of a piece of land and all properties on it.
- What is the difference between fee and fee simple?
- Fee – A right in law to the use of land; i.e. a fief. Simple – in the unconstrained sense: without limit to the inheritance of heirs; unrestricted as to transfer of ownership.