Rent
The claim that no rent or similar obligations are due from the owner of property in fee simple is only partially true. For example, a rentcharge may exist requiring a freeholder to pay a fixed sum of money closely resembling rent, and many jurisdictions have created financial obligations that may be imposed on a freehold estate. England and Wales impose an estate charge. In the United States, fee simple owners are subject to property tax and the revenue generated is directed to the municipality's general fund. Other local tax assessments called "special purpose taxes" may be assessed in addition to the property taxes for specific purposes such as infrastructure improvements. Real estate owned as a condominium is usually similarly owned in fee simple, but typically subject to rules in the declaration of condominium or created by the condominium association, such as paying required monthly fees for maintaining the property's common areas.
Read more about this topic: Fee Simple
Famous quotes containing the word rent:
“The arbitrary division of one’s life into weeks and days and hours seemed, on the whole, useless. There was but one day for the men, and that was pay day, and one for the women, and that was rent day. As for the children, every day was theirs, just as it should be in every corner of the world.”
—Alice Caldwell Rice (1870–1942)
“I have been breaking silence these twenty-three years and have hardly made a rent in it.”
—Henry David Thoreau (1817–1862)
“We want some coat woven of elastic steel, stout as the first, and limber as the second. We want a ship in these billows we inhabit. An angular, dogmatic house would be rent to chips and splinters, in this storm of many elements. No, it must be tight, and fit to the form of man, to live at all; as a shell is the architecture of a house founded on the sea.”
—Ralph Waldo Emerson (1803–1882)