Limits are also common due to the requirements of a will. In exchange for giving up the right to develop land or sell it to a developer, landowners can obtain significant tax breaks. This is most commonly done as part of open space policies by a local government. But in this case, there are additional restrictions on how the land may be used. Your property could also be seized due to unpaid property taxes or as part of compensation in a civil judgment.Ī fee simple defeasible is similar to a fee simple absolute in that you maintain complete ownership of the land. The government also maintains the right to forcibly purchase your property due to eminent domain. For example, you can’t open a shooting gallery in a residential neighborhood. To begin with, the government can limit your activities due to public safety. That said, fee simple absolute isn’t entirely absolute. And as long as you pay your taxes and mortgage payments, you can sell the property or leave it to your heirs. You hold full title to the property and can do with it what you will, provided you follow applicable zoning laws. As we mentioned, there are three different types of freehold estate:įee simple absolute is the most straightforward form of real estate ownership.
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