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TYPES OF
OWNERSHIP
Perhaps you have heard the term “fee simple" title, or ownership, in relation to real estate. This is just one type of ownership; the score of the various types of ownership is far from “simple".
“Fee simple” or "fee simple absolute" title means that the land owner owns everything there is to own, including mineral rights and that the land is free from easements and all other restrictions. Any ownership less than fee simple means that someone else — or a company— owns at least some of the property rights in the real estate.
So-called “time share” condominiums are a good example of ownership that is less than fee simple. Although the purchaser gets a deed for the condominium, his ownership is limited to a certain time period — usually one or two specific weeks during each year. Although there is true ownership in this situation, there are many other people with whom ownership in the property is shared.
If there is anything we can do to help you in the field of real estate, please phone or drop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, VA 22747. Phone: 675-3400. We’re here to help.
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