Fee Simple

Fee Simple ownership is probably the most familiar form of property ownership to buyers of residential property, especially on the US Mainland. Fee Simple is sometimes called Fee Simple Absolute because it is the most complete form of ownership. A fee simple buyer acquires ownership of a percentage of the entire property, which includes both the land and the building. For example: if there are 100 units in the condominium project, and each unit were the same size, the fee simple buyer would "own" one percent (1%) of the building and the land under the building. The fee simple owner does not pay ground rent, but does pay maintenance fees and real property taxes. The fee simple owner has the right to possess, use the land and dispose of the land as he wishes - sell it, give it away, trade it for other things, lease it to others, or pass it to others upon death.