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Fee 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 is the highest form of ownership it means the land is owned outright, without any limitations or restrictions other than local zoning ordinances.
What are the disadvantages of fee simple ownership?
Drawbacks of Fee Simple Ownership A fee simple owner is still responsible for property taxes and governmental restrictions, so if the owner fails to pay or adhere to those, the property can be reclaimed and sold as a foreclosure.
What is a deed in fee simple?
A fee simple is real property held without limit of time (i.e., permanently) under common law, whereas the highest possible form of ownership is a fee simple absolute, which is without limitations on the lands use (such as qualifiers or conditions that disallow certain uses of the land or subject the vested
What are the advantages of fee simple?
How does fee simple benefit property owners? Fee Simple ownership provides property owners with the highest level of control and freedom over their property. They have the right to possess, use, and dispose of the property without restrictions.
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RP-5217-PDF Real Property Transfer Report Instructions
The RP-5217-PDF Real Property Transfer Report (RPL Article 9, Section 333) is a one-part, downloadable, barcoded, pdf form used to document the information
Every deed in substance in the above form, when otherwise duly executed, shall be deemed and held a conveyance in fee simple, to the grantee, his or her heirs
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