Knowledge Focus: Fee Simple
Fee Simple
Fee Simple is the most complete bundle of rights and absolute form of ownership in a real estate property. The grant of a fee in property conveys to the grantee complete ownership, immediately, and forever with the right of possession from boundary to boundary. It entitles the owner to use the property in any manner they see fit, in accordance with state and local laws.
Particular to a condominium, each unit owner owns an individual condo unit in fee simple, subject to any local association rules. In addition, the buyer owns an undivided interest in the common elements such as the exterior walls, roof, pool, hallways, and recreational areas.
