Fee simple
The most complete form of ownership, where the owner holds the land and buildings with no time limit and can sell or pass them on. Most homes are owned this way.
Also called: fee simple absolute, freehold
Related terms
The legal right to own and use a property. Title is not a single document; it is shown by the deed and public records, and must be clear for a sale to close smoothly.
The signed legal document that transfers ownership from the seller to the buyer. It is recorded with the county after closing to make the transfer part of the public record.
A way for two or more people to own property together, each with a share that can be unequal. Each owner's share passes to their heirs, not automatically to the other owners.
Shared ownership where each owner holds an equal share and, when one dies, the others automatically take over that share without probate. Some states also offer tenancy by the entirety or community property for married couples.
A building owned by a corporation, where buyers purchase shares that give them the right to live in a unit. A co-op board usually must approve buyers, and financing rules differ from condos.