Fee Simple
Definition
- Outright ownership of real estate meaning the property is free of any liens or other claims against title.
Synonyms
freehold ownership, fee simple absolute
Related Terms and Acronyms
- Clear Title — Definition,
- Title not burdened by liens or legal questions.
- Cloud on Title — Definition,
- A claim on title to property that could impair the ability to transfer ownership.
- Fee Simple Defeasible — Definition,
- When a person has outright ownership of real estate (free of any liens or other claims against title), but the use of the property is restricted.
- Tax Lien — Definition,
- A claim, or obstacle, to the sale of property because of unpaid taxes. The property's title can't be transferred until liens are paid.
- Title — Definition,
- Evidence of a person's right to possession ownership of a property.
- Title Report — Definition,
- A report that reveals any competing claims, liens, or other problems relating to a property. A title report is required before title insurance will be issued. Also known as a "Preliminary Title Report" or "Prelim."
- Title Search — Definition,
- A check of public records to make sure that the owner of real property has the right to transfer ownership. A title search is designed to spot gaps in the chain of title, liens, problems with the legal description of the property, judgements against the owner, and the like.
