Fee simple is an
estate in land in
common law. It is the most common way
real estate is owned in common law countries, and is ordinarily the most complete ownership interest that can be had in
real property short of
allodial title, which is often reserved for governments. Fee simple ownership represents absolute ownership of real property but it is limited by the four basic government powers of
taxation,
eminent domain,
police power, and
escheat and could also be limited by certain
encumbrances or a condition in the
deed. How ownership is limited by these government powers often involves the shift from
allodial title to fee simple such as when uniting with other property owners acceding to property restrictions or municipal regulation.
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