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LSDefine
Simple English definitions for legal terms
base fee
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A quick definition of base fee:
Base fee: The base fee is a type of ownership where the owner has complete control over the property. It is a fee simple determinable under fee simple. This means that the owner has the right to use, sell, or transfer the property as they wish.
A more thorough explanation:
Definition: Base fee refers to a type of ownership in real estate where the owner has a fee simple determinable under fee simple. This means that the owner has the right to use and enjoy the property as long as certain conditions are met.
Example: A university may own a piece of land and grant a base fee to a developer to build a shopping center on the property. The developer has the right to use and enjoy the property as long as the shopping center is in operation. If the shopping center closes, the ownership of the property reverts back to the university.
Explanation: The example illustrates how a base fee works in real estate. The developer has the right to use and enjoy the property as long as the shopping center is in operation, which is the condition set by the university. If the condition is not met, the ownership of the property reverts back to the university. This type of ownership is often used in commercial real estate transactions where a property owner wants to retain some control over the use of the property.