A fee simple estate is describing ownership. A fee simple is complete ownership with the most complete package of rights provided to the owner. Take a look at this link to read more:
Really the time of kings and the granting of land. It comes from Freehold land grants.
Today, most buyers only see this when buying something with land. Like a townhouse or single family home.
Condos share the land, so they are not Fee Simple.
A freehold estate is an estate involving ownership. There are two types of freehold estates - fee simple and life estate.
In a fee simple estate which means you have 100% ownership, there are four ways it can be held.
1. estate in severalty - sole ownership
2. tenancy in common - held by two or more persons. Each person has undivided interest in the whole property. All owners have equal rights.
3. joint tenancy - shared by two or more persons that must have equal and undivided interests.
4. tenancy by the entireties - an estate for husband and wife only.
A life estate is created when an owner of a fee simple estate conveys ownership to another, but only for the balance of the lifetime of the party to whom the property is conveyed.
Seek advice of a real estate lawyer in order to determine which type of estate you would like when owning a property.
Tammy Hayes, Realtor, Sandals Realty, Punta Gorda, FL
So in a "fee simple" townhouse, your monthly fee would be about $85, while the "condo" townhouse would be about $285 a month here in Fairfax, Virginia just outside D.C.
Since this negatively impacted my client, I made the correction. Darn interweb thing!
A condominium, rental, and/or cooperative (seen mainly in New York City and other areas in the United States) are other ownership types and each has their own requirements as to documents and other laws.
If you have any questions about different ownership types, please consult an attorney for the legal ramifications of each ownership type. Also, consulting a CPA might be useful to interpret the tax outcomes based on the type of property you wish to buy.