Legal Definitions - great fee

A "great fee" refers to the most extensive and complete form of ownership interest one can have in real property (land and anything permanently attached to it). It grants the owner full rights to possess, use, enjoy, sell, mortgage, or otherwise transfer the property during their lifetime, and to pass it on to their heirs forever. This type of ownership is essentially absolute, meaning it is not subject to any conditions that would automatically terminate the estate, nor is it limited to a specific line of heirs. In modern legal terms, this is commonly known as a fee simple absolute.

• Example 1: Residential Home Ownership
  

  Imagine a person, Maria, purchases a house and the land it sits on. The deed transferring ownership to her states that she owns the property "in fee simple absolute."

  This illustrates a "great fee" because Maria now has the most complete ownership possible. She can live in the house, renovate it, sell it to anyone she chooses, or leave it to her children in her will. Her ownership is not temporary, nor does it depend on her fulfilling certain conditions, making it the most comprehensive form of property ownership.

• Example 2: Commercial Property Acquisition
  

  A large technology company decides to buy an entire office complex in a city's business district to serve as its global headquarters. The legal documents for the purchase convey the property to the company without any limiting conditions or timeframes on its ownership.

  The company holds a "great fee" in the office complex and the underlying land. This allows them to operate their business there indefinitely, make structural changes, lease out portions to other businesses, or eventually sell the entire property without restrictions on who can buy it or how long they can own it. Their ownership is full and perpetual.

• Example 3: Inherited Undeveloped Land
  

  John inherits a large tract of undeveloped rural land from his grandparents. The will simply states that the land is bequeathed to him, with no stipulations about its future use or ownership, and no conditions that would cause him to lose the property.

  John has inherited a "great fee" in the land. He is free to develop it, keep it as open space, sell it, or pass it on to his own heirs. The absence of any conditions or limitations on his ownership signifies the most comprehensive form of property rights, allowing him complete control and the ability to transfer it without restriction.