What is fee simple in title?

The real estate term fee simple describes a landowner’s complete and total ownership of a piece of land and all properties on it. The fee simple owner may do anything they wish on the land as long as it falls within established easements and zoning laws.

Is fee title the same as fee simple?

Fee title means the fee simple title to any Property. Fee title means fee simple absolute title, as such is defined by all applicable Legal Requirements, or such other equivalent legal title as the parties shall mutually agree.

How long does a fee simple estate in land last?

The term of the lease is usually for a period of 999 years.

What is the fee in 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 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 would diminish a fee simple estate?

A fee simple represents absolute ownership of land, and therefore the owner may do whatever he or she chooses with the land. If an owner of a fee simple dies intestate, the land will descend to the heirs.

What is the opposite of fee simple?

leasehold
“In contrast [to freehold], leasehold is the opposite of fee simple in that the owners have complete access to the property but do not own the land,” says Eviston. Leasehold ownership is also common in Canada.

Is a fee simple estate perpetual?

The fee simple absolute estate is a perpetual estate that is not conditioned by stipulated or restricted uses. It may also be freely passed on to heirs. For these reasons, the fee simple absolute estate is the most desirable estate that can be obtained in residential real estate. It is also the most common.

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.

Can a unit title be freehold?

A unit title is also referred to as a “strata title” or “stratum estate”. It can either be in fee simple (freehold) or leasehold. This type of property title is generally in a building where there are multiple owners or shared walls or public space – such as apartments, terrace housing & units.

What is an example of a fee simple estate?

For example: To A for as long as the property is used for a museum. A has a fee simple determinable, and will hold the land for as long as it is a museum; the grantor holds a possibility of reverter. If the museum is shut down, the land will automatically be transferred to the grantor.

Is fee simple a good thing?

As a matter of fact, having a fee simple estate is a good thing when it comes to property ownership. It means you own the property outright, and no one else has claim to it. It’s described by many different sources as the highest form of land ownership in common-law countries.

What are the rights of a fee simple title?

A fee simple title (or freehold estate) gives you the greatest group of rights in the use, enjoyment and alienation (i.e. the power to dispose) of the land. However, these rights may still be restricted by a covenant over the property, such as a building or height restriction.

What is the difference between fee simple title and cross lease?

A fee simple title is where the property is owned freehold and is the most common form of ownership. There are no restrictions on this type of ownership. A cross lease title is where there are several people who own a share in a lot of land.

What is the difference between fee simple and stratum in Freehold?

The owners can enjoy the freedom of a permanent and absolute ownership of the land. A Fee Simple title is one of the most common titles we see when dealing with transactions for conveyancing. A stratum in freehold, also known as a unit title, can be typically seen when there are two or more apartment type developments on a Lot.

What is a a title?

A title is a way to record the land and properties information, such as lot numbers, how big the section is, whether there are any covenants, easements or caveats registered against the title etc. There are several ways that titles can be held for land. Please note that the types of titles include,