In Fee Simple Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of In Fee Simple, written in plain English, along with examples of how it is used.
What is In Fee Simple?
refers to an absolute and complete ownership of a real property which the owner has right to do anything from using it to disposing it at his/her will. If the owner dies without a will, it is passed on to the heir of the owner.In short the owner of afee simple propery can do whatever he/she wishes to do with the property they hold.
History and Meaning of In Fee Simple
In fee simple is a term used in real estate law to refer to an absolute form of property ownership where a person has complete control and can use, sell, or transfer the property as they wish. The term "fee" refers to an inheritable interest in the property. Therefore, a person who owns a property in fee simple has the right to pass it on to their heirs or sell it. The concept of fee simple can be traced back to English common law and is recognized in most US states.
Examples of In Fee Simple
- James inherited a piece of land from his parents, and he now owns it in fee simple. He can use the land for personal or commercial purposes, sell it, or leave it in his will.
- The house was sold to Victoria in fee simple, and now she has complete ownership and control over it. She can choose to live in it or rent it out without any restrictions.
- John obtained a commercial building in fee simple. As the owner, he can make any modifications he wants to the building or sell it to a commercial tenant.
- The ranch was owned by the family for generations, and now the eldest son inherits it in fee simple.
- Mary has acquired a property in fee simple from a recent auction, and now she is free to do whatever she wants with it, such as build a home, rent it, or sell it.
Legal Terms Similar to In Fee Simple
- Fee tail - an interest in real property that is passed down to a specified line of descendants and not inheritable by anyone else.
- Life estate - a temporary right of ownership in a property that lasts only for the owner's lifetime or sometimes for the life of another person.
- Leasehold - a temporary interest in a property that permits a tenant to use and occupy the property for a specified period, usually by paying rent to the owner.