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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Fee Simple


Synonyms:fee simple absolute, freehold ownership
Filed Under: legal-contracts, real-estate
Tags: contract, legal, realty
 

Definition of fee simple

fee simple
1. Outright ownership of real estate meaning the property is free of any liens or other claims against title.

Related Terms and Acronyms:

  • clear title   Title not burdened by liens or legal questions.
  • cloud on title   A claim on title to property that could impair the ability to transfer ownership.
  • fee simple defeasible   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   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   Evidence of a person's right to possession ownership of a property.
  • title report   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   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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