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fee simple ownership canada

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When an individual purchases land in BC, he or she owns it in “fee simple.” Fee simple is the most substantial interest in land that exists in law, giving the owner absolute rights of ownership and exclusive rights to use and occupy the land. Any increases are at the discretion of the condo board. Aside from a few exceptions, no one can legally take that real estate from an owner with fee simple title. Fee simple with a joint tenancy is essentially complete ownership of property by more than 1 person. A fee simple estate is a type of freehold interest in property. Fee Simple Interest Explained. Fee simple is sometimes called fee simple absolute because it is the most complete form of ownership. You may pay a mortgage and property taxes, but with fee simple ownership you have the ability to sell the entire property, or parts of it, at your choosing. The most extensive tenure allowed under the feudal system - short of outright ownership - allowing the tenant to sell or convey by will or be transfer to a heir if the owner dies intestate.. ABORIGINAL TITLE VERSUS FEE SIMPLE OWNERSHIP Private Property . A fee simple represents absolute ownership of land, and therefore the owner may do whatever he or she chooses with the land. Bob Weber, The Canadian Press CP To contrast this case, we examine a deed in a subdivision that is burdened by a home owners association. If this condition occurs or fails to occur, a future interest holder (the interest holder at the time of the condition's trigger) has the option to void or terminate the transfer of ownership. The interest is not qualified or limited by something or someone else. If you have fee simple ownership, this means you have absolute ownership of a property with no restrictions placed on improving, selling or bequeathing it (other than restrictions that violate the law or local regulations). It examines the meaning of beneficial ownership, in equity and as interpreted under modern tax legislation. Make sure to leave a buffer in case your condo fees increase, which tends to happen as condos age. In modern law, almost all land is held in fee simple. You might even own your mineral estate in fee simple. Fee simple can be contrasted with lease ownership, meaning the owners have complete access to the land, but they don't actually own it. Fee simple is the form property ownership people are most familiar with. The term means you have absolute ownership- you own the rights to the entire property, including the land and buildings on it. The term fee used independently is an adequate designation of this type of estate in land. Freehold property is defined as property owned free from the hold of any other party. How to use fee simple in a sentence. If an owner of a fee simple dies intestate, the land will descend to the heirs. The maximum possible interest (estate) one can possess in real property is the fee simple absolute.It is unlimited as to duration,transferability,and descendability to heirs.Lesser types of fee simple estates include the fee simple defeasible and the fee simple determinable,both of which may result in loss of the property upon the happening of some event in the future. There is no time limit on the duration of fee simple ownership and the property may also be passed along in a will to the owner’s heirs. Fee Simple Ownership In contrast to the condominium regime, you may own real estate by fee simple. Surface Estate. Fee simple ownership of property may be divided in three specific ways: (1) physically; (2) by specific use rights; and (3) over time. The fee simple interest, on the other hand, is unencumbered ownership right in a piece of property. Fee (from the old word, feifdom) refers to legal rights in land, and simple means unconstrained. A fee simple buyer is given title (ownership) of the property, which includes the land and any improvements to the land in perpetuity. fee simple. The most complete form of ownership is the fee simple interest – i.e., absolute ownership unencumbered by any other interest or estate, ... Cdn. In the example above, the landlord owns the fee simple interest. Fee simple ownership of real property has four characteristics, all of which relate to the owner’s right and interest in land. This entry about Fee Simple has been published under the terms of the Creative Commons Attribution 3.0 (CC BY 3.0) licence, which permits unrestricted use and reproduction, provided the author or authors of the Fee Simple entry and the Encyclopedia of Law are in each case credited as the source of the Fee Simple entry. My guess is that the "fee simple" owner that you're concerned about is really the owner of the surface estate. And clear of any condition or restriction - a fee simple legal title to your interest property. You 're concerned about is really the owner may do whatever he or she chooses with the land and... As one can legally take that real estate by fee simple in modern law, almost land. Impacts the loan evaluation the improvements upon the land and all the fee simple ownership canada upon the land, one! 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