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Fee simple is the highest form of ownership of real property. Fee simple is absolute ownership. The owner in fee simple can sell the property or if they die while owning property it will pass to their heirs upon death by their will or by the laws of intestacy.
An equitable fee simple would be an interest in real property that is something less than absolute ownership or fee simple. For example:
- A decedent died having a will and leaving their real property to their only child. The estate must be probated in order for legal title (fee simple) to pass to that child. If the estate is not probated that child would only own an equitable fee simple interest in the property. Their ownership would not be perfected until the parent's estate is probated.
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What the different between equitable fee simple and legal fee simple?
Fee simple usually means you have a deed reciting full ownership of the appurtenant rights in the property. Equitable title means you only have a contract right to sue for specific performance (in equity) to obtain the property deed. In other words, fee simple is the deed, and equitable title is the right to obtain the deed in court.Other Perspectives:If the town takes your property for failure to pay your property taxes you have an equitable interest until your rights of redemption have been barred by a court decree. If you pay your delinquent taxes before a decree is entered your fee ownership will be restored.Suppose your mother died owning a home and you are her only heir. She left the property to you by her will. Until her will is probated you only have an equitable interest in the property and not a fee simple interest. In order for you to acquire legal title, a fee simple, her estate must be probated.
What is the difference between fee and fee simple?
Both fee and fee simple mean that you are the absolute owner of real property. You can sell the land or leave it to your heirs.
A estate restricts ownership of real property to a particular family bloodline?
A. fee simple B. fee tail C. determinable fee D. fee simple absolute ANSWER: B Fee Tail
What is the difference between fee simple determinable and fee simple subject to condition subsequent?
Fee simple determinable and fee simple subject to condition subsequent are both types of ownership in real property that come with conditions. The main difference between the two is in how the ownership can be terminated. In fee simple determinable, the ownership automatically ends if a specific condition is violated, while in fee simple subject to condition subsequent, the owner has the right to reclaim the property if the condition is violated.
What is fee simple in state of Oregon?
Fee simple is the absolute ownership of land. The person who owns the land in fee simple can sell it during their life or leave it to their heirs when they die either by will or by intestate succession.
How does a person acquire a fee simple ownership of real property?
Fee simple absolute is the way we describe the complete and total ownership of real property. The owner in fee simple absolute has the right to full possession and control of the land (unless the land is subject to a life estate). The property will pass to the owner's heirs upon death or the owner can convey the property during their lifetime. Generally the conveyance of real estate by a deed conveys fee simple absolute in those jurisdictions that allow the private ownership of land. Generally, when we speak of "fee simple" we are referring to fee simple absolute. The owner of the fee simple can grant a life estate to another. A person acquires a fee simple ownership of land by deed from the present fee simple owner of the land.
What is a fee simple deed without jtwrs?
mother and daughter has property simple fee no jtwrs mother dies can property be sold
What is the highest form of ownership for a piece of property?
Fee simple.Fee simple.Fee simple.Fee simple.
A fee simple absolute represents total ownership of personal property?
A fee simple ownership represents absolute ownership of real property.
What is fee simple feasible?
Fee simple absolute is the complete and total ownership of real property. The owner in fee simple absolute has the right to full possession and control of the property and the property will pass to the owner's heirs upon death. Generally the conveyance of real estate by a deed conveys fee simple absolute. The word feasible is not part of the term.
What is an health premium?
Insurance is defined as the equitable transfer of risk from one party to another for a pre-determined fee. A premium is another name for this fee, which the policyholder pays to the insurance company in return for indemnity from healthcare costs.
What is undivided fee simple interest?
Fee simple absolute is the way we describe the complete and total ownership of real property. The owner in fee simple absolute has the right to full possession and control of the property and the property will pass to the owner's heirs upon death according to the terms of their will or according to the laws of intestacy if there is no will. Generally the conveyance of real estate by a deed conveys fee simple absolute. Generally, when we speak of "fee simple" we are referring to fee simple absolute. An undivided interest in property means that two or more persons own the real estate and each has the right to the use and possession of the entire property even if they own only a one-half undivided interest. Each has a 50% interest in the fee.
