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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.

based on | Basel Convention

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windyMagician
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triplethread
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windyMagician
19:05
he a ginger
triplethread
19:05
Oh. This brings up a good point. I’ve been saying to my friends that we need to bring back Irish vs Italians you know like pitting the white people against each other and separate neighborhoods for them.
Dkk
19:20
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triplethread
19:28
Facts
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windyMagician
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windyMagician
20:33
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8 mile?
20:44
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windyMagician
20:46
im not afraid
to take a stand
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everybody
texaslawhopefully
22:13
yayy a fellow Texan
Dkk
22:37
Lol, yeah no thanks
Dkk
22:38
No Michigan and Singapore for me please
windyMagician
22:39
I have a date with my gym crush soon, wish me luck chatters
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windy you are an inspiration to me
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dk would you rather date someone from michigan or singapore?
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