What does "fee simple" mean?

"Fee simple" refers to the greatest interest in real property, providing the holder with full ownership rights. This type of ownership is characterized by its permanence and the absence of conditions or limitations on the duration of ownership. When someone holds property in fee simple, they have the right to use, sell, lease, or transfer the property as they see fit, and their interests can be inherited by their heirs.

Additionally, fee simple ownership does not have a specific time limit, meaning it does not expire or revert to the grantor upon a certain event. This contrasts with other interests in property such as leaseholds or life estates, which have restrictions in terms of duration, rights, or conditions. The other options presented describe different types of ownership that either lack the full benefits and rights associated with fee simple or imply restrictions and shared interests that are not characteristic of this highest form of property ownership.