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You’ve probably heard the farpiliar saying “The Greeks had a word for it.” As a person becomes more and more familiar with the real estate business and Realtors, it becomes apparant that we also have a word or phrase for everything.
For example, suppose you own some land and it’s yours, all yours. You have a free and clear title to it and you can do what you want with it (as long as it’s legal!). No one else has any interest or claim on that land. Is there a phrase for it? There is! It’s called fee simple, and refers to the highest and most complete ownership and interest in land. The question may come up regarding leasing the land. Suppose you lease the land to someone else for a period of, say, five years.
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