Definition
Fee simple is the highest and most common form of property ownership, giving you full control and rights to use, lease, sell, or pass the property to heirs. Once your mortgage is paid, you own it outright.
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Fee simple ownership means you own the land and structures outright (once mortgage is paid). You control the property, can modify it, lease it, sell it, or pass it to heirs.
Pro Tip
Fee simple is the best form of residential ownership.
Example
The buyer received a warranty deed in fee simple, gaining full ownership and control of the home.