Fee simple is a type of ownership (and also a search term for how a Realtor (r) locates a single-family or a townhome for sale for their buyer clients.) It also might mean there are homeowners association documents that are required to be obtained for the buyer to review if the home is fee simple whereas the other types of ownership will require different items.

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.

Mon Jun 9 2008, 16:42

Wiki has a good answer. It tracks back to English Law, as do most of our land rules in the USA.
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.

JH

Wed May 14 2008, 19:30

M -

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:

http://en.wikipedia.org/wiki/Fee_simple

Sat Feb 9 2008, 11:44