Question: Is A Fee Simple Estate Perpetual?

What type of ownership is a condo?

A condominium is a form of property ownership involving multiple-unit dwellings where a person owns his or her individual unit, but the common areas are owned in common.

All members share in the costs and maintenance of the common areas..

What is the difference between fee and fee simple?

An interest in property that allows its holder and his or her heirs to own and possess the property in perpetuity. Defeasible Fee: A fee simple interest that can be terminated by the occurrence or non-occurrence of an event or condition.

What is the difference between fee simple and condo?

Condominium: The seller owns the interior of a unit but shares an ownership interest in the land and common areas with other owners in the building. Fee Simple: This is a fancy way of saying the seller owns the entire home and the land beneath it.

Does life estate include personal property?

A Life Estate may be created in real property or in personal property. It is a term used to describe ownership of an asset for the duration of the person’s life. … The life tenant has the right to possession and enjoyment of the asset and its income until their death.

What is the difference between a fee simple estate and a life estate?

A land owner of an estate cannot give a “greater interest” in the estate than he or she owns. That is, a life estate owner cannot give complete and indefinite ownership (fee simple) to another person because the life tenant’s ownership in the property ends when the person who is the measuring life dies.

What does fee mean?

A fee is a fixed price charged for a specific service. Fees are applied in a variety of ways such as costs, charges, commissions, and penalties. Fees are most commonly found in heavily transactional services and are paid in lieu of a wage or salary.

What does fee simple forever mean?

freely transferredFee simple is a legal term describing the most common and absolute type of property ownership. The owner’s property rights are indefinite and can be freely transferred or inherited as the owner desires.

What can a person who holds property in fee simple absolute do with the property?

The person who holds real property in fee simple absolute can do whatever he wants with it, such as grow crops, remove trees, build on it, sell it, or dispose of it by will. The law views this type of estate as perpetual. … No special language is required provided the grantor’s intent to create such an estate is clear.

What happens to a life estate after the person dies?

When the life tenant dies, the property passes to the remaindermen. … The remaindermen will then be the outright owners of the property, they will have the power to use or sell the property, and their creditors may take action to reach the property.

Is fee simple a statutory estate?

The greatest possible interest in real property. The estate is unconditional, unlimited, and perpetual. Each state has its own statutory and common law framework for estates in fee simple.

Is your property owned in fee simple?

Fee simple is a term that refers to real estate or land ownership. The owner of the property has full and irrevocable ownership of the land and any buildings on that land. He is free to do whatever he wishes on the land subject to local zoning ordinances. Fee simple and fee simple absolute are the same thing.

What are the two types of fee simple estate?

Fee simple estates, like all estates, remain subject to government restrictions and private interests. There are two forms of fee simple estate: absolute and defeasible.

What is the opposite of fee simple?

A Lessee gives compensation to the Lessor for the rights of use and enjoyment of the land much as one buys fee simple rights; however, the leasehold interest differs from the fee simple interest in several important aspects.

What two kinds of ownership do condo owners have?

In its modern usage, condominium refers to a form of housing involving two elements of ownership. The first is the living space itself, which may be held in common, in joint tenancy, or in any other form of ownership.

What does estate in fee simple mean?

Estates of Freehold This can include estate in fee simple, or life estate. The estate in fee simple is the largest estate in duration. … The estate in fee simple is capable, indefinitely, of transfer inter vivos or devolution on death.