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.
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