fee simple sale what is it

Asked by Mehatding, Texas Sat Feb 9, 2008

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Jay Hurst, Agent, McLean, VA
Wed May 14, 2008
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.

Web Reference:  http://talleyhursthomes.com
2 votes
CJ Brasiel, Agent, San Jose, CA
Sat Feb 9, 2008
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:

Web Reference:  http://www.CJBRealEstate.com
2 votes
Melissa Bark…, Agent, Washington, DC
Mon Mar 14, 2011
Fee simple is a form of home ownership. Fee simple is most often associated with single family or town-homes, unlike a condo or co-op where there are shared walls and common areas, the owner in fee simple owns all the walls and land. Hope this helps.

good look!
Web Reference:  http://www.wdcmetroagent.com
0 votes
Map, Home Buyer, Maryland City, MD
Mon Mar 14, 2011
fee simple sale what is it
0 votes
Tammy Hayes, Agent, Port Charlotte, FL
Thu Oct 21, 2010
Ownership of a property

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
0 votes
Doug Francis, Agent, McLean, VA
Wed May 27, 2009
Good question. I recently saw a fee simple listing of mine come through the internet and post on Trulia as a condo! This townhouse was a fee simple property meaning they own the land, walls, roof, and not a condo where the condominium owns the land, walls and roof.

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!
0 votes
Sherrie Hart…, , Great Falls, VA
Mon Jun 9, 2008
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.
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