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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 Defeasible


Synonyms:defeasible estate
Filed Under: legal-contracts, real-estate
Tags: contract, legal, realty
 

Definition of fee simple defeasible

fee simple defeasible
1. A condition in which someone has outright ownership of real estate, free of any liens or other claims against title, but whose use of the property has restrictions

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   Outright ownership of real estate, free of any liens or other claims against title.
  • 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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