Search results
Results From The WOW.Com Content Network
A fee simple absolute is the highest estate permitted by law, and it gives the holder full possessory rights and obligations now and in the future. Other fee simple estates in real property include fee simple defeasible (or fee simple determinable) estates.
A fee simple determinable is an estate that will end automatically when the stated event or condition occurs. The interest will revert to the grantor or the heirs of the grantor. Normally, a possibility of reverter follows a fee simple determinable. However, a possibility of reverter does not follow a fee simple determinable subject to an ...
In England and Wales, before the Law of Property Act 1925, the default position was the fee simple estate , a freehold transferable to the owner's "heirs and assigns" (successors by inheritance, or purchase/gift, respectively). Those three words were often included in a conveyance to stress fee simple status.
Fee simple ownership is the absolute ownership of real property, in which the owner holds unconditional power over the land, as well as any improvements -- including buildings -- that sit on it ...
An estate in land is, in the law of England and Wales, an interest in real property that is or may become possessory. [1] [2] It is a type of personal property and encompasses land ownership, rental and other arrangements that give people the right to use land.
In most states, full ownership of land is known as fee simple, fee simple absolute, or fee. [14] Fee simple refers to a present interest in the land, which continues indefinitely into the future. [14] One other type of ownership is the defeasible fee, which is like fee simple, except that it can end upon some event occurring. [14]
A future interest following a fee simple absolute cannot be a remainder because of the preceding infinite duration. For example: A person, A, conveys (gives) a piece of real property called "Blackacre" "to B for life, and then to C and her heirs". B receives a life estate in Blackacre.
Allodial title is a system in which real property is owned absolutely free and clear of any superior landlord or sovereign. True allodial title is rare, with most property ownership in the common law world (Australia, Canada, Ireland, New Zealand, United Kingdom, United States) being in fee simple.