What is a "fee simple building"?

Asked by Diana Flood, Clearwater, FL Sat Mar 30, 2013

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John Walin, Agent, Libertyville, IL
Sun Mar 31, 2013
fee simple is good form of title, vs. a condo association, where the commons are indivisible and expressed as a percentage of ownership. fee simple is conveyed 100% seller to buyer.
1 vote
John & Barba…, , Clearwater, FL
Sun Mar 31, 2013
Fee Simple means that the residents of a particular building all have a general warranty deed. they own the land on which the building rests. there are only 10 such buildings in OTOW. the residents in all other buildings have "leasehold estate deeds", because the land under the building is rented under a 99-year lease. each lease starts when the building was built and goes for 99 years.
my wife and i have lived in OTOW for over 13 years and it is our primary market. we buy and sell for more people than just about anyone else marketing in OTOW. please call us directly with any questions you have regarding this great community: 727-278-1135.
0 votes
Rod Kuzmano…, , Indian Rocks Beach, FL
Sat Mar 30, 2013
The greatest possible estate in land, wherein the owner has the right to use it, exclusively possess it, commit waste upon it, dispose of it by deed or will, and take its fruits. A fee simple represents absolute ownership of land, and therefore the owner may do whatever he or she chooses with the l
and. If an owner of a fee simple dies intestate, the land will descend to the heirs.
If you have any more questions about Realestate please let me know I will be glad to answer.

Rod Kuzmanoski
Keller Williams Realty
0 votes
Rachel Fries…, Agent, Clearwater, FL
Sat Mar 30, 2013
Hi, Diana. As Cristyle said, it is ownership of the land and the structures on the land. In the case of some of our local communities, such as On Top of the World, the majority of the buildings are in a long term lease for the land. So buying there does give you ownership of the condo, the land conveys ss leasehold. There are a few buildings there that do own the land. Those are commonly referred to as fee simple buildings. There are pros and cons on either case.

If you wish to discuss further or need assistance buying in the Clearwater / Tampabay area, please call me at 727-481-4757.

Happy Easter!
Rachel Friesema
Prudential Tropical Realty
0 votes
Cristyle Egi…, Agent, Lake Park, FL
Sat Mar 30, 2013
In English law, a fee simple (or fee simple absolute) is an estate in land, a form of freehold ownership. It is the way that real estate is owned in common law countries, and is the highest ownership interest possible that can be had in real property.

Fee Simple means that the owner of the real property has absolute ownership. A fee simple buyer acquires ownership of the entire property, including both the land and buildings.
0 votes
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