fee simple interest

English translation: fee simple...

16:58 May 10, 2005
English language (monolingual) [PRO]
Law/Patents - Law: Contract(s)
English term or phrase: fee simple interest
the text is about property selling
decha
Selected answer:fee simple...
Explanation:
Fee Simple Ownership: Fee simple ownership is probably the most familiar form of property ownership to buyers of residential property, especially on the US Mainland. Fee simple is sometimes called fee simple absolute because it is the most complete form of ownership. A fee simple buyer acquires ownership of the entire property, including both the land and buildings. The fee simple owner does not pay ground rent, but does pay maintenance fees and real property taxes. 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.

Leasehold Ownership: A leasehold interest is created when a fee simple landowner enters into an agreement or contract called a ground lease with a lessee. A lessee buys leasehold rights much as one buys fee simple rights; however, the leasehold interest differs from the fee simple interest in several important respects. First, the buyer of residential leasehold property does not own the land and must pay ground rent. Second, his use of the land is limited to the remaining years covered by the lease. Thereafter, the land returns to the lessor, and is called reversion. Depending on the provisions of any surrender clause in the lease, the buildings and other improvements on the land may also revert to the lessor. Finally, the use, maintenance, and alteration of the leased premises are subject to any restrictions contained in the lease.
Selected response from:

Robert Donahue (X)
Grading comment
4 KudoZ points were awarded for this answer



SUMMARY OF ALL EXPLANATIONS PROVIDED
3 +8fee simple...
Robert Donahue (X)


  

Answers


4 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +8
fee simple...


Explanation:
Fee Simple Ownership: Fee simple ownership is probably the most familiar form of property ownership to buyers of residential property, especially on the US Mainland. Fee simple is sometimes called fee simple absolute because it is the most complete form of ownership. A fee simple buyer acquires ownership of the entire property, including both the land and buildings. The fee simple owner does not pay ground rent, but does pay maintenance fees and real property taxes. 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.

Leasehold Ownership: A leasehold interest is created when a fee simple landowner enters into an agreement or contract called a ground lease with a lessee. A lessee buys leasehold rights much as one buys fee simple rights; however, the leasehold interest differs from the fee simple interest in several important respects. First, the buyer of residential leasehold property does not own the land and must pay ground rent. Second, his use of the land is limited to the remaining years covered by the lease. Thereafter, the land returns to the lessor, and is called reversion. Depending on the provisions of any surrender clause in the lease, the buildings and other improvements on the land may also revert to the lessor. Finally, the use, maintenance, and alteration of the leased premises are subject to any restrictions contained in the lease.

Robert Donahue (X)
Works in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 22

Peer comments on this answer (and responses from the answerer)
agree  Derek Gill Franßen
9 mins
  -> Thanks Derek

agree  Can Altinbay: Nice explanation as usual.
13 mins
  -> Thanks Can!

agree  Mihaela Brooks
1 hr
  -> Thank you Mihaela : )

agree  Lingo Pros: I tend to agree 'though I feel the asker should have provided us with a bigger part of the text. ;-)
2 hrs
  -> You're right, but unfortunately you work with what you have. Thanks Lingo Pros!

agree  Amal Al-Arfaj: very nice
5 hrs
  -> Thank you very much Amal

agree  Balasubramaniam L.: Although the term itself is Greek to me, I must commend the thoroughness with which you go about your answers. You leave nothing more to be said!
8 hrs
  -> thank you very much Balasubramaniam

agree  Maria Karra
1 day 22 hrs
  -> Thank you Maria

agree  Alfa Trans (X)
2 days 19 hrs
  -> Thanks Marju
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