What Is A Fee Simple Absolute Estate?
Fee simple absolute is the term used to describe the highest form of real estate ownership under the legal system in the United States. An owner of a fee simple absolute estate has unconditional ownership and control of the rights and interests in real property within the allowances of the law.
Fee simple absolute is also referred to as fee simple, fee absolute, fee interest, estate in fee, or fee.
An Estate In Fee Encompasses Both Current and Future Possessory Rights
Fee simple absolute entitles the owner to the current and future rights of possession of the property. The owner has the possessory right to the property, and the owner controls access and rights of others to possess and occupy the property.
A Fee Interest Is Inheritable and Perpetual
The rights and interests of a fee simple absolute estate exist in perpetuity. They continue with the transfer of the estate. An estate in fee is thus inheritable. The heirs of the owner become the new owners of the estate in fee with all the same unconditional rights, interests, and powers.
A Fee Interest Is Fully Transferable
Ownership of a fee simple absolute estate is fully transferable in the present or any time in the future. This type of estate is generally what we think of when real estate is bought and sold.
The owner of an estate in fee can also separate the rights and interests to transfer the others. The owner can also place conditions on the rights and interests upon transfer to others creating types of estates that are less then fee. Estates that are less than fee are said to be fee simple defeasible estates.
Restrictions And Limitations On Fee Simple Absolute Estates
Although fee simple absolute is the highest form of ownership, the owner and the property is still subject to the law. The owner will still have to comply with zoning ordinances and other legal restrictions. A property may also be subject to easements, or become encumbered by liens.