10:37
It seems so odd that lower ranked schools tend to region lock you though, it’s the only profession that really works like that I feel
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Simple English definitions for legal terms
fee-simple title
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A quick definition of fee-simple title:
Fee-simple title is the broadest property interest allowed by law, which endures until the current holder dies without heirs. It is the most comprehensive estate in land which the law recognizes, and ownership of such an estate is the nearest approach to ownership of the land itself. The owner has the power to dispose of the fee simple, either inter vivos or by will, and on intestacy, the fee simple descends, in the absence of lineal heirs, to collateral heirs. There are different types of fee simple, including fee simple absolute, fee simple conditional, fee simple defeasible, fee simple determinable, fee simple subject to a condition subsequent, and fee simple subject to an executory limitation.A more thorough explanation:
Fee-simple title refers to the broadest property interest allowed by law, which endures until the current holder dies without heirs. It is also known as fee simple absolute, estate in fee simple, tenancy in fee, exclusive ownership, feudum simplex, or fee.
Traditionally, fee simple has two distinguishing features: first, the owner (‘tenant’ in fee simple) has the power to dispose of the fee simple, either inter vivos or by will; second, on intestacy the fee simple descends, in the absence of lineal heirs, to collateral heirs. For example, if a person owns a house in fee simple, they have the right to sell it or pass it on to their heirs.
There are different types of fee simple, such as fee simple conditional, fee simple defeasible, fee simple determinable, fee simple subject to a condition subsequent, and fee simple subject to an executory limitation.
For instance, fee simple determinable is an estate that will automatically end and revert to the grantor if some specified event occurs. An example of this is “to Albert and his heirs while the property is used for charitable purposes.” If the property is no longer used for charitable purposes, the estate will end, and the property will revert to the grantor.