Fee Simple Definition Real Estate. This means that failure to comply with the condition may result in the loss of ownership rights. In real estate, a fee simple estate is a form of freehold ownership.
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The property may still be subject to government regulations like property taxes, and the owner can place voluntary encumbrances on the property like security for a mortgage loan. When a person owns a fee simple absolute estate interest, that person has the absolute right to use the land, possess it, dispose of it, and even damage it. This means that failure to comply with the condition may result in the loss of ownership rights.
When A Person Owns A Fee Simple Absolute Estate Interest, That Person Has The Absolute Right To Use The Land, Possess It, Dispose Of It, And Even Damage It.
It's limited only by zoning laws, deed or subdivision restrictions, and covenants. Key difference to the title is that in the case of estate in perpetuity, the state retains access, rights and responsibilities to the contents underground, whether these are valuable or not, dangerous or not. 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.
Since Interagency Appraisal And Evaluation Guidelines Require An “As Is Value” Free Of Any Hypothetical Conditions, The Market Value Of The Leased Fee Estate Should Be Reported As An “As Is” Value, In Addition To The Hypothetical Value Of The Fee Simple Estate “As Though Unencumbered”.
A fee simple estate is a type of freehold interest in property. However, that ownership is conditional. To further define the origins of the term, the word “fee” is derived from the word “fief,” meaning a feudal landholding.
The Fee Simple Owner May Do Anything They Wish On The Land As Long As It Falls Within Established Easements And Zoning Laws.
It grants a property owner exclusive rights on a property, which means that they own the land and property completely and without any limitations or conditions, aside from taxation, debt obligations and zoning or building restrictions. Fee simple ownership is the highest possible ownership that one can have in real estate. Definition of fee simple fee simple is a legal term describing the most common and absolute type of property ownership.
The Property May Still Be Subject To Government Regulations Like Property Taxes, And The Owner Can Place Voluntary Encumbrances On The Property Like Security For A Mortgage Loan.
Thousands of students use our handy guide and sample tests to prepare for and pass the real estate salesperson & broker exams. Fee simple is the highest form of ownership. It can be referred to as complete ownership.
A Fee Simple Determinable Estate Is A Type Of A Fee Simple Defeasible Estate.
It can be limited or unlimited. Fee simple absolute is an estate that is perpetual. An estate under which the owner is entitled to unrestricted powers to dispose of the property, and which can be left by will or inherited.
