Closings glossary
Fee simple
Ownership of land held indefinitely and freely transferable, subject only to recorded encumbrances and to government powers such as taxation, zoning and condemnation.
What does fee simple ownership mean?
Quick Answer
The full definition
Ownership of land held indefinitely and freely transferable, subject only to recorded encumbrances and to government powers such as taxation, zoning and condemnation.
Where does fee simple come up in a New York City closing?
A condominium unit in Astoria is real property held in fee simple, while the co-op two blocks away conveys shares and a lease rather than land.
What else should you read before closing?
In the glossary
- TitleLegal ownership of real property and the rights that come with it. A deed is evidence of a transfer of title, not title itself.
- Tenancy in commonCo-ownership in undivided shares with no right of survivorship. Each share can be sold, mortgaged or left by will independently of the other owners.
- Tenancy by the entiretyJoint ownership by spouses with a right of survivorship, where neither can transfer or mortgage the property without the other. It is the default f...
- Land leaseA building whose land is leased rather than owned. The lease term and rent reset schedule sit in the offering plan and shape much of what the apart...
- Proprietary leaseThe occupancy lease a co-op corporation grants a shareholder for a specific unit. It is assigned at closing together with the stock certificate for...
Building types
- Standard condoA New York City condominium unit: real property conveyed by deed, recorded in ACRIS, with an undivided interest in the common elements.
- Townhouse and 1-4 family condo declarationA small building divided into condominium units, where outdoor space, party walls, multiple-dwelling registration and the certificate of occupancy ...
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