Under common law "fee simple" is a kind of estate in which the estate or land is owned by private parties with complete discretion as to disposition and enjoying unqualified ownership. It is the greatest or one providing the most ownership rights possibility of estate in land. Under this form of ownership the owner has complete rights to use, control and transfer the asset at will.
Even though this kind of ownership gives a lot of freedom to the owner it still keeps certain restrictions such as taxation, escheat, eminent domain and police powers alive. There may also be certain restrictions placed on a property owned under a fee simple. A "fee simple defeasible" is the term used that ownership has been placed under certain restrictions.
Other types of ownership include Leasehold, Life Estate, Future Interest, Fee Tail and Concurrent Estate.
Even though this kind of ownership gives a lot of freedom to the owner it still keeps certain restrictions such as taxation, escheat, eminent domain and police powers alive. There may also be certain restrictions placed on a property owned under a fee simple. A "fee simple defeasible" is the term used that ownership has been placed under certain restrictions.
Other types of ownership include Leasehold, Life Estate, Future Interest, Fee Tail and Concurrent Estate.