what is a fee simple building?

Asked by barb82661, Clearwater Beach, FL Fri Feb 15, 2013

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2
John & Barba…, , Clearwater, FL
Sat Feb 16, 2013
there are 10 buildings at OTOW that are fee simple. this means that your title to the property is by a general warranty deed. the condos in all the other buildings at OTOW are conveyed by a "leasehold estate deed". that means that the land on which the building rests is owned by a corporation which leases the land. the leases are 99 years long and start when the building was built
also ...
the corporations that own the land had as there CEO the original developer: Sydney Colen.
according to the son of the developer at last year's annual meeting, the leases will simply be renewed at the end of each lease.
also ...
remember that as an owner of a condo, you would have title to that condo. no one can change that.
my wife and i have lived in OTOW since 2000 and it is our primary sales market. please call me anytime for more information.
--john schinn, olympia gold team realty
727-278-1135
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Fri Feb 15, 2013
Fee simple is a type of ownership and it is the best you can have. It means you own the house, the land and everything under it. There are more restrictive types of ownership, but fee simple is the best you can have. it's a good thing!
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