Business, Legal & Accounting Glossary
n. absolute title to land, free of any other claims against the title, which one can sell or pass to another by will or inheritance. This is a redundant form of “fee,” but is used to show the fee (absolute title) is not a “conditional fee,” or “determinable fee,” or “fee tail.” Like “fee” it is often used in deeds transferring title, as in “Harry Hadit grants to Robert Gotit title in fee simple” or similar words.
A ‘fee simple’ interest in land (see: Interestland and property) is a meta of Freehold interest that allows its owner and his general heirs the enjoyment of the land indefinitely. As with all freeholds, the fee simple is not conditional on the payment of rents (although it may be attached to a Rentcharge) and is not derived from the title of anyone else (with the notional exception of the Crown, perhaps). Historically there were several metas of freehold interest, including different metas of fee simple. The most important of these were the Entail (‘fee tail’) and the Life estate, both of which were lesser interests with an ultimate Reversion to the fee simple owner. Any of these interests could be ‘In possession’ or ‘In remainder’. Since the Law Of Property Act (1925), there has been only one freehold: the Fee simple absolute in possession. This means that the term ‘freehold’ may be used in a technical sense but, more often than not, is used as a shorthand for ‘fee simple absolute in possession’.
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This glossary post was last updated: 28th April, 2020 | 2 Views.