Glossary

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Fee Simple
A homeowner that has fee simple ownership of his property has the highest possible level of legal interest in the estate. The owner is free to use the property in any way they see fit, as long as they comply with local ordinances. This type of ownership could still be limited by taxation or eminent domain or other governmental proceedings, but as long as the owner stays in good standing with the local authorities and abides by local zoning laws, there are few limitations on what the land can be used for. In order for a property to be considered fee simple, an owner must have full rights to resell the property at any time and also has the right to pass along the property to an heir in a will at any time. Most paid off estates are fee simple.