In English law, a fee simple (or fee simple absolute) 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. Fee simple ownership interest may be limited by government powers through a shift from allodial title to fee simple, such as when uniting with other property owners acceding to zoning restrictions and municipal regulation.
Read more about Fee Simple: History, Common Law, Duration, Creation and Characteristic of Fee Simple, Life Estate, Types of Fee Simple, Rent, Etymology
Famous quotes containing the words fee and/or simple:
“As a general rule never take your whole fee in advance, nor any more than a small retainer. When fully paid beforehand, you are more than a common mortal if you can feel the same interest in the case, as if something was still in prospect for you, as well as for your client.”
—Abraham Lincoln (1809–1865)
“The way a child discovers the world constantly replicates the way science began. You start to notice what’s around you, and you get very curious about how things work. How things interrelate. It’s as simple as seeing a bug that intrigues you. You want to know where it goes at night; who its friends are; what it eats.”
—David Cronenberg (b. 1943)