Torron Group Blog

Wednesday, August 12, 2015

What are Fee Simple Lots?


 

If you aren’t familiar with the home-buying process you may not know what it means for a property to be “fee simple.” There are a couple different ownership types for properties, but since Springfield Commons is proudly fee simple, we will explain what that means.

The definition of fee simple according to the Cornell University Law School, Legal Information Institute’s online website, “Land owned in fee simple is owned completely, without any limitations or conditions. This type of unlimited estate is called absolute.  A fee simple is generally created when a deed gives the land with no conditions, usually using the words like "to John Doe" or "to John Doe and his heirs.”



This means that you have complete ownership of the land and the home. Not only do you have ownership of the home and land, but this also means that you have ownership of the air space above the property and the ground and minerals beneath the property. While you do own the property, you are still subject to taxes on your mortgage.

Fee simple also means you get to dispose of the property in whatever form you wish. There are no restrictions from transferring deeds or leaving the property in your will to anyone you’d like.


Springfield Commons Site Plan

We chose to make our lots fee simple because we believe in working with our community to give them the best opportunities with buying a lot and building a home.  Fee simple is the highest form of ownership and lets the home buyers get the most out of their lot and home.

 

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