What does the term "fee simple" refer to in real estate?

The term "fee simple" refers to an inheritable land ownership interest that is not subject to any significant restrictions. This form of ownership is the most complete and absolute type of property ownership available in real estate. It allows the owner full control over the property, including the rights to use, sell, and develop the land as they see fit, provided that local laws and zoning regulations are adhered to.

Ownership in fee simple also means that the property can be passed down to heirs upon the owner's death, ensuring that the rights to the land are preserved for the next generation. This aspect of inheritable ownership is a fundamental characteristic of fee simple, distinguishing it from other types of ownership interests that may include limitations or conditions on transfer or use.