What does fee simple mean in estate?
An interest in land. Land owned in fee simple is owned completely, without any limitations or conditions. This type of unlimited estate is called absolute. A fee simple is generally created when a deed gives the land with no conditions, usually using the words like “to John Doe” or “to John Doe and his heirs”.
What is the difference between a fee estate and a fee simple estate?
But there is a slight difference. That’s because there are two main types of freehold estate: fee simple defeasible and fee simple absolute. Fee simple absolute is more powerful than fee simple defeasible because it is outright ownership with no restrictions.
What does estate in fee simple mean Australia?
The estate in fee simple is capable, indefinitely, of transfer inter vivos or devolution on death. Thus, it is an estate of uncertain, indefinite duration, and could, in theory, last forever.
What does fee simple mean NZ?
Freehold, also known as ‘fee simple’, is the most common kind of ownership in New Zealand. It is usually the simplest kind of ownership. If you have a freehold property, you own the land and (generally) anything built on the land unless there are any registered or unregistered interests.
What are the types of fee simple?
There are two kinds of Fee Simple: Absolute or Defeasible….Defeasible Fee Simple
- Fee Simple Determinable: The estate will be automatically terminated if the stated condition occurs.
- Fee Simple Subject to Condition Subsequent: The estate is similar to a fee simple, but has a condition attached.
Why is it called a fee simple?
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 is the difference between freehold and fee simple?
A freehold estate is an estate in which you have exclusive rights to enjoy the possession of a property for an undefined length of time. In contrast, a less than freehold estate is held for a fixed, defined period. Fee simple absolute is the greatest interest in a parcel of land that one can possibly own.
What is the difference between an estate and an interest in land?
As a property right, an interest in land can be sold by the owner of the interest or transferred to a third party in the same way as an estate in land can. The owner of an interest in land can also protect their interest as against a third party purchaser of the estate in which the interest is held.
Why is it called fee simple?
What is a fee simple title NZ?