FEESIMPLE

Fee simple

In English law, a fee simple is an estate in land, a form of freehold ownership. It is the way that real estate is owned in common law countries, and is the highest ownership interest possible that can be had in real property. Allodial title is reserved to governments under a civil law structure. Fee simple ownership represents an ownership interest in real property, though it is limited by government powers of taxation, eminent domain, police power, and escheat, and it could also be limited further by certain encumbrances or conditions in the deed, such as, for example, a condition that required the land to be used as a public park, with a reversion interest in ...

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fee simple

Noun

  1. The private ownership of property (real estate) in which the owner has the right to control, use and transfer the property at will.


The above text is a snippet from Wiktionary: fee simple
and as such is available under the Creative Commons Attribution/Share-Alike License.

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