Can A Condo Be Owned Fee Simple?

Is a fee simple estate inheritable?

Examples include the fee simple estate or the defeasible fee estate, which continue for an indefinite period and are inheritable by the owner’s beneficiaries.

Other freehold estates are referred to as “estates not of inheritance” or “life estates,” which exist only for the term of a person’s life..

What type of ownership is a condo?

The two most common types of real estate ownership are “Condominium” and “Fee Simple”. Here are the specific definitions for each: Condominium: The seller owns the interior of a unit but shares an ownership interest in the land and common areas with other owners in the building.

Do you own the property in fee simple?

Fee simple is a term that refers to real estate or land ownership. The owner of the property has full and irrevocable ownership of the land and any buildings on that land. He is free to do whatever he wishes on the land subject to local zoning ordinances. Fee simple and fee simple absolute are the same thing.

What does fee simple mean in a deed?

An interest in land. Land owned in fee simple is owned completely, without any limitations or conditions. This type of unlimited estate is called absolute. A fee simple is generally created when a deed gives the land with no conditions, usually using the words like “to John Doe” or “to John Doe and his heirs”.

What am I responsible for in a condo?

Unit owners are obligated to maintain, repair, and replace physical assets designated as within the boundaries of the Unit or Limited Common Elements. Common Elements mean all portions of the Condominium other than the Units. Portions of the walls, floor, and ceilings/attic are considered part of the Common Elements.

How does ownership of a condo work?

A condominium is a multi-unit dwelling consisting of units owned individually by members of the condominium with common areas owned in common by all members. A condominium is managed by a condominium association, which is governed by a set of bylaws. … Each unit owner will receive a unit deed, which is also recorded.

What rights does an owner in fee simple have?

The fee simple owner has the right to possess, use the land and dispose of the land as he wishes — sell it, give it away, trade it for other things, lease it to others, or pass it to others upon death.

What does fee simple mean when buying a condo?

Fee Simple Ownership In contrast to the condominium ownership, you can also own real estate by fee simple. … Simple means unconstrained and fee refers to legal rights of the land. Fee simple ownership is the absolute and unqualified legal title to real property, including both buildings and land.

When you own property in fee simple what would you not have?

The property may still be subject to government regulations like property taxes, and the owner can place voluntary encumbrances on the property like security for a mortgage loan. Fee simple can be contrasted with lease ownership, meaning the owners have complete access to the land, but they don’t actually own it.

Are condos fee simple or leasehold?

Fee Simple means you own the building and you also own the land underneath. Most Hawaii properties are Fee Simple. Leasehold means you own the building, but someone else owns the land – that is the landowner, and you pay a month lease rent to the landowner.

What are the two types of fee simple estate?

There are two forms of fee simple estate: absolute and defeasible. The two types of fee simple defeasible: … If the restrictions are violated, the estate automatically reverts to the grantor or heirs.

What is the opposite of fee simple?

A Lessee gives compensation to the Lessor for the rights of use and enjoyment of the land much as one buys fee simple rights; however, the leasehold interest differs from the fee simple interest in several important aspects.