![]() In the instance of condominiums or apartments, the owners of individual units receive fee simple ownership that gives them full legal rights subject to an agreement known as a restrictive covenant. You own the property the home sits on and all rights to its use, and your name is on the title deeds. When you buy a home, you usually purchase it fee simple. The term fee simple applies only to real estate, which includes land, immovable property and any property directly attached, such as a building, road, pond or machinery. 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 fee simple?įee 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 applies to ownership of land and is the dominant form of ownership in the United States. Though it may sound anything but simple, it is actually not difficult to understand. In real estate transactions you may hear the term “fee simple” used.
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