2b:["$","$L2c",null,{"category":"$2d","relatedArticles":[{"id":"cG9zdDoyMzg1MDA=","databaseId":238500,"postId":238500,"author":{"node":{"id":"dXNlcjoz","databaseId":3,"userId":3,"avatar":{"url":"https://secure.gravatar.com/avatar/47938df052bf0a5283bd6b77ab786737?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"SmartAsset employs a team of writers and editors with years of experience in the editorial, news and personal finance industries. Some staff members also hold the Certified Educator in Personal Finance (CEPF®) designation from the Institute for Financial Literacy.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"Michael","fullName":"SmartAsset Team","lastName":"Carvin","name":"SmartAsset Team","postCount":{"pageInfo":{"offsetPagination":{"total":1364,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"mcarvin","__typename":"User"},"__typename":"NodeWithAuthorToUserConnectionEdge"},"categories":{"nodes":[{"id":"dGVybToxOTQ5OQ==","children":{"nodes":[],"__typename":"CategoryToCategoryConnection"},"databaseId":19499,"categoryId":19499,"link":"https://smartasset.com/home-buying/articles","name":"Home Buying","postCount":{"pageInfo":{"offsetPagination":{"total":111,"__typename":"OffsetPaginationPageInfo"},"__typename":"CategoryToPostConnectionPageInfo"},"__typename":"CategoryToPostConnection"},"slug":"home-buying","ancestors":{"nodes":[{"name":"Mortgage","slug":"mortgage","__typename":"Category"}],"__typename":"CategoryToAncestorsCategoryConnection"},"parent":{"node":{"name":"Mortgage","id":"dGVybTo4Ng==","slug":"mortgage","__typename":"Category"},"__typename":"CategoryToParentCategoryConnectionEdge"},"__typename":"Category"}],"__typename":"PostToCategoryConnection"},"content":"$2e","date":"2024-03-01T13:00:04","excerpt":"

When buying a home, the success of a negotiation will depend on your understanding of the market value, your current financial circumstances and any influence that a property inspection or other supporting documentation could have, among other factors. A successful negotiation could mean saving tens of thousands of dollars in the long term. Here’s a […]

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He currently resides in Utah with his wife and five children, where they cheer for the Denver Broncos and make it to the water to sail whenever given the chance. 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","

For more hands-on help, a financial advisor can guide you in creating a financial plan to turn your homebuying goal into a reality.

","

What to Do Before Negotiating

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When it comes to a real estate deal, you could generally negotiate the purchase price, closing costs, the closing date and contingencies. Though, you will also need to have a firm grasp of the market value and your finances.

","

Understanding the market value of a property will help you to make informed and competitive offers, avoid overpayment and complete a fair and successful transaction. One way to do this, can be to check recent sales of similar homes or bring in a professional appraiser for a targeted assessment.

","

Having a clear picture of your overall finances is also critical for a homebuying negotiation. This means having a full understanding of your income, expenses, savings and credit standing. Additionally, securing pre-approval for a mortgage will verify what loan amount you could get, which could show sellers that you are ready to make a deal, but can also move on if the terms of the negotiation are not suitable.

","

Finally, you may also want to look up public records to uncover any potential liens or encumbrances that could affect the property’s title. Having this information at hand could help you make a more compelling offer in a negotiation.

","

Negotiate Based on Inspection Results

","

","

A home inspection can provide you, the buyer, with essential information about the condition of a property. This could enable you to negotiate repairs, lower the purchase price, or gain concessions based on the identified issues.

","

Here are five common steps to follow when negotiating with a home inspection:

","

1. Review the inspection report and list all identified issues.
2. Categorize the defects based on their severity and potential cost implications.
3. Assess which issues are most important to you and the compromises you might be willing to make.
4. Prioritize the defects that significantly affect the property’s value and safety.
5. Initiate the negotiation by discussing major concerns with the seller and propose reasonable solutions.

","

Negotiate for Things Other Than the Price

","

In addition to the purchase price, buyers can negotiate non-price terms that can sometimes provide substantial benefits. Here are five common non-price things that you may want to negotiate for:

","$40","

Know When to Walk Away

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The fear of missing out could influence you to spend more money than you should. And, on the other hand, you may also be tempted to take an offer that is too low to pass up. But generally, you should consider walking away from a home purchase negotiation if:

","

the inspection reveals significant, undisclosed issues
the seller is unwilling to address critical concerns
the terms and conditions are unacceptable for your financial or personal situation

","

Additionally, while market conditions could pressure you to buy at a higher price or accept a mortgage with a higher interest rate, you should note that timing the market for more favorable conditions may not always work out, depending on your specific financial needs.

","

For example, buying a home when mortgage rates are higher could mean that you will pay more over time on that loan for the purchase. But, it could also mean that because you are potentially competing with fewer buyers, you might be able to find a lower purchase price and as a result look at homes that would have otherwise been out of your reach in markets with lower interest rates.

","

Ultimately, your decision to buy a home will depend on your specific needs, no matter which market you could be in, and whether you can make the math work for your finances. If the math does not work, even during the best of opportunities, you may want to seriously consider walking away.

","

Bottom Line

","

","

Negotiating for the purchase of a home could allow you as a buyer to secure a beneficial deal. Common negotiation asks include lowering the purchase price, as well as paying for home repairs, home warranty, closing costs and other non-price things. To increase your leverage in a negotiation, make sure you have a clear understanding of the market value of the home and your specific finances. Additionally, you can use a home inspection and research public records to make a more compelling bid.

","$41","

Photo credit: ©iStock.com/Hispanolistic, ©iStock.com/Wasan Tita, ©iStock.com/ArLawKa AungTun

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\n","featuredImage":{"id":"cG9zdDoyNjA5OTI=","databaseId":260992,"altText":"Landlords reviewing eviction documents with a lawyer.","date":"2024-09-06T14:39:43","fileSize":231526,"mimeType":"image/jpeg","modified":"2024-09-06T14:42:44","sourceUrl":"https://smartasset.com/wp-content/uploads/sites/2/2024/09/iStock-1138744218.jpg","__typename":"MediaItem"},"modified":{"datetime":"2024-9-6","readable":"September 6, 2024"},"multipleBylinesByRole":{"editedBy":{"id":"dXNlcjoxMTc=","databaseId":117,"userId":117,"avatar":{"url":"https://secure.gravatar.com/avatar/9fffe2eb35204e151b68731435d247c5?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Arturo Conde is a senior editor at SmartAsset. He has a master’s from the Graduate School of Journalism at Columbia University and a bachelor’s from the College of Arts and Science at New York University. 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One of the most important things to understand as a landlord is how long the eviction process is for problem tenants. Typically, an eviction can take anywhere from a few weeks to several months. Beyond fair housing laws, there are jurisdictions with tenant-friendly laws, as well as court backlogs that can prolong the process. Careful tenant screening can help landlords avoid this issue, but it’s still important to familiarize yourself with the specific regulations in your area and to follow all legal procedures meticulously to avoid delays.

","

A financial advisor can help you build a real estate portfolio by analyzing and managing investments.

","

Understanding the Eviction Process

","

The eviction process involves several key steps, each with its own timeframe that varies depending on the jurisdiction. Evictions start with the landlord providing a notice to the tenant to vacate or resolve an issue, typically unpaid rent. If the tenant fails to comply, the landlord may file an eviction lawsuit. A court hearing follows, and if the court rules in favor of the landlord a writ of possession is issued that allows the landlord to reclaim the property. This is enforced by sheriffs or constables who will physically remove tenants and their possessions. Here’s a closer look at the process and how long each step may take.

","

Notice Period

","

The notice period is a crucial component of the eviction process, dictating how long tenants have before they must vacate the property or resolve a violation, such as failure to pay rent. This period varies significantly depending on local laws. For example, in New York City, landlords are required to provide a 30-day notice for tenants who have lived in the property for less than a year. Conversely, in Texas, landlords can issue a notice to vacate in as little as three days.

","

Filing an Eviction Lawsuit

","

When a landlord needs to remove a tenant from their property due to non-payment of rent, lease violations, or other breaches, they must file an eviction lawsuit. This legal action, known as an unlawful detainer, is necessary to regain possession of the property lawfully.

","

The timeline for filing an eviction lawsuit varies by state. For example, in states like Georgia, the process can be initiated within a few days after a notice period, making it relatively quick. Conversely, in states like New York, the process can take several months, reflecting a longer timeline.

","

Going to Court

","

One of the most critical stages in the eviction process is the court hearing, where a judge will decide whether an eviction is warranted. The timeline for these court hearings can vary slightly depending on the state in which the eviction is taking place. They typically range from one to three weeks and include timelines for notifying tenants and accepting their response.

","

Navigating the Appeals Process

","

After a court issues an eviction judgment, either party has the right to appeal the decision. Like other steps in the eviction process, how long an appeal takes depends on the jurisdiction. In California and Texas, for example, the timeline is 30 days.

","

Judge Issues Writ of Possession

","

A writ of possession is a legal document issued by a judge that authorizes a landlord to take back possession of a rental property from a tenant, usually with the help of a sheriff or constable. This writ is typically the final step in the eviction process, following a court ruling in favor of the landlord. This step can vary in duration, often taking anywhere from a few days to several weeks, depending on local laws and the availability of law enforcement.

","

How Long Is the Eviction Process?

","

","

State and local laws provide different timelines for the eviction process, but in the U.S. it typically takes 1-3 months. For cases without appeal, the longest stretch of time occurs during the scheduling for the hearing which typically occurs 10-20 days after the eviction suit is filed. However, if a tenant appeals an eviction ruling after the hearing it can add months to the process.

","

How Much Does It Cost to Evict a Tenant?

","

Evicting a tenant can be a costly endeavor, with expenses varying based on location, legal fees, and the complexity of the case. Court fees typically range from $15 to $350, and attorney fees can add up to thousands of dollars depending on their experience and location. For example, the average real estate attorney in New York could charge roughly $550 an hour.

","

Additionally, landlords may incur costs for lost rent, property damage and hiring a sheriff or constable to enforce the eviction. Fortunately, rental property tax deductions can help reduce these costs.

","

Bottom Line

","

","

The eviction process can be complex and time-consuming, with timelines depending on local laws and specific circumstances. Each step, from the initial notice to reclaiming the property, involves legal requirements and potential delays. The duration can be affected by tenant-friendly laws, court backlogs and how the tenant responds.

","

Tips for Real Estate Investments

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Photo credit: ©iStock.com/lechatnoir, ©iStock.com/kate_sept2004, ©iStock.com/kali9

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Tenancy-at-will in Florida refers to a rental agreement where there is no formal lease, and the tenant occupies the property with the landlord’s consent. In such arrangements, either party can terminate the tenancy at any time, provided proper notice is given. Florida law requires a specific notice period, depending on the rental payment schedule – typically 15 days for month-to-month agreements. This type of tenancy can arise when no written lease is established or when a formal lease expires but the tenant continues to live on the property with the landlord’s permission.

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A financial advisor can help landlords and tenants alike manage their investments and make important financial decisions.

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Tenancy-at-Will Definition

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Tenancy-at-will is an informal rental arrangement where a tenant lives in a property with the landlord’s approval but without a written lease agreement. Unlike a traditional lease, tenancy-at-will does not specify an end date, and either party can terminate the arrangement, usually with proper notice based on state laws.

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For example, imagine a tenant whose one-year lease expires on a rental home in Florida. Both the tenant and landlord are content with the tenant staying, but they do not sign a new lease. Instead, the tenant simply continues paying rent on a month-to-month basis. In this situation, the tenant is in a tenancy-at-will agreement.

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If the landlord decides they want to end the arrangement, they must provide legal notice – which can vary from state to state – before the next rent due date, allowing the tenant time to vacate. Similarly, the tenant can end the tenancy by giving the same notice.

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Tenancy-at-will offers flexibility for both parties, especially when they prefer a short-term arrangement without long-term commitments, but it still requires adherence to state-specific notice periods and regulations.

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How Tenancy-at-Will Works in Florida

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The tenancy-at-will Florida has in place allows tenants to remain in a property with their landlord’s consent, but without an official lease. This can happen under the following circumstances.

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No written lease agreement: Tenancy at-will is established when a tenant moves into a rental property with the landlord’s consent but without signing a lease agreement.
Lease expiration without renewal: A tenancy-at-will is created if a tenant’s fixed-term lease expires but the landlord allows the tenant to remain on the property without signing a new lease. The tenant continues paying rent, often on a month-to-month basis, with both parties operating without a formal contract.

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Termination Timeframes in Florida

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In Florida, the termination of a tenancy-at-will depends on the frequency of the rent payments. The notice period required for either the landlord or tenant to terminate the agreement is based on how often rent is paid.

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Type of Tenancy	Minimum Timeframe for Terminating a Tenancy-at-Will
Month-to-month	15 days before next rent due date
Week-to-week	7 days before next rent due date
Quarterly	30 days before next rent due date
Year-to-year	60 days before next rent due date

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How Tenancy-at-Will Differs from Other Tenancies

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There are several ways that tenancy-at-will stands out from other types of rental agreements in Florida, particularly due to its informal structure and flexibility.

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Tenancy-at-Sufferance vs. Tenancy-at-Will

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Tenancy-at-sufferance occurs when a tenant remains on the property without the landlord’s consent after a lease has expired. Unlike tenancy-at-will, where the landlord consents to the arrangement, tenancy at sufferance often leads to eviction if not addressed.

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Tenancy for Years vs. Tenancy-at-Will

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Tenancy for years is a fixed-term lease with a specific duration, typically a year or longer. It cannot be terminated before the end date without mutual agreement or breach of contract. Tenancy-at-will, on the other hand, can be ended at any time with appropriate notice.

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Periodic Tenancy vs. Tenancy-at-Will

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Similar to tenancy-at-will, periodic tenancy also operates on a recurring basis (such as month-to-month), but it is typically based on a written agreement, whereas tenancy-at-will often lacks a formal contract.

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What Rights Does a Tenant-at-Will Have in Florida?

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Tenants-at-will in Florida have several protections, even without a formal lease.

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They have the right to live in the property as long as they pay rent and follow the terms agreed upon with the landlord.
Tenants also have the right to receive proper notice before the landlord can terminate the arrangement, such as 15 days for month-to-month agreements or seven days for weekly payments.
Tenants are entitled to safe and habitable living conditions, meaning the landlord must handle necessary repairs and maintenance.
Florida law also protects tenants from wrongful eviction, requiring the landlord to follow legal procedures if they wish to evict the tenant.

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What Rights Does a Landlord Have in Florida?

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Just as renters have rights, so do landlords.

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Landlords in a tenancy-at-will arrangement maintain the right to terminate the agreement with appropriate notice.
They are entitled to collect rent regularly and may take legal action if rent goes unpaid.
Landlords have the right to expect the tenant to care for the property and follow any agreed-upon rules.

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If the tenant violates these terms, the landlord can pursue eviction through legal channels. Additionally, landlords can still impose security deposits and maintain the property, ensuring compliance with Florida’s landlord-tenant laws.

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Bottom Line

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Tenancy-at-will in Florida provides a flexible arrangement for both tenants and landlords, allowing for continued occupancy without the constraints of a fixed-term lease. Whether established through an expired lease, informal agreement or holdover situation, this type of tenancy operates under clear legal guidelines, particularly regarding notice periods for termination. Both tenants and landlords have rights and responsibilities, including the right to proper notice before ending the tenancy and required adherence to Florida’s landlord-tenant laws.

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While informal, tenancy-at-will offers an adaptable solution for those who prefer short-term living arrangements, while still ensuring legal protections for both parties involved.

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Tips for Real Estate Investors

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Understanding fee simple ownership is important when buying, selling, or investing in real estate. It is a common and comprehensive form of property ownership, granting full control and rights, including the ability to sell, lease, or transfer it to heirs. Here’s what you need to know. If you’re interested in creating an estate plan, a […]

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If you’re interested in creating an estate plan, a financial advisor can work with you to manage and distribute assets.

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What Is Fee Simple in Real Estate?

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Fee simple ownership, often referred to as “freehold ownership,” is the most complete type of property ownership available. It gives the owner absolute control over the land and any structures on it, with the freedom to use, lease or sell the property as they see fit. This type of ownership is perpetual, meaning it has no expiration date and can be passed down through generations.

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Fee simple ownership applies to both residential and commercial properties, making it the most common form of real estate ownership in the United States. Owner rights are subject only to local laws and zoning regulations.

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Types of Fee Simple Ownership

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There are two common types of fee simple ownership:

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Fee simple absolute: This is the most complete form of fee simple ownership, where the owner has unrestricted rights to the property. The property can be freely transferred, inherited or sold without any limitations.
Fee simple defeasible: This type of fee simple ownership comes with certain conditions or restrictions. If the conditions are violated, the property may revert to the original owner or a third party. Fee simple defeasible is further categorized into fee simple determinable and fee simple subject to condition subsequent.

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Fee Simple Ownership and Its Variations

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Understanding fee simple ownership and its variations helps manage property rights and obligations effectively. Here are three common types to keep in mind:

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Fee Simple Defeasible Ownership

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The ownership remains in effect as long as certain conditions are met. For example, a property might be granted on the condition that it is used for a specific purpose. If the condition is violated, ownership can revert to the original owner or another designated party.

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Fee Simple and Life Estates

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A life estate is a type of ownership where the right to use and enjoy the property is limited to the lifetime of a specific individual. After that individual’s death, the property typically reverts to another party, such as the original owner or their heirs. Fee simple ownership is more extensive than a life estate, as it is not limited by time and grants full control over the property indefinitely.

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Fee Simple and Encumbrances

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Even with fee simple ownership, properties can still be subject to encumbrances, such as mortgages, liens or easements. These encumbrances can affect the owner’s ability to fully use or transfer the property. For example, an easement might grant a third party the right to access part of the property, which can limit how the owner uses that portion of the land.

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FAQs About Fee Simple Ownership

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What Is the Difference Between Fee Simple and Leasehold Ownership?

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Unlike fee simple ownership, leasehold ownership is temporary and typically involves renting the property from a fee simple owner for a specified period. At the end of the lease term, the property reverts to the fee simple owner. Leasehold arrangements are common in commercial real estate, but they do not offer the same level of control or permanence as fee simple ownership.

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What Is the Difference Between Fee Simple Ownership and Ground Lease Ownership?

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Fee simple ownership provides the owner with full rights to the property, including the land and any structures on it. In contrast, ground lease ownership involves leasing the land from a fee simple owner, while the tenant owns the structures on the land. Ground leases are typically long-term but do not grant the same level of control or permanence as fee simple ownership. At the end of the lease term, the land typically reverts to the fee simple owner, along with any improvements made on it.

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What Is the Difference Between Fee Simple and Fee Simple Absolute Properties?

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Fee simple and fee simple absolute are often used interchangeably, but they refer to slightly different concepts. Fee simple is a general term for full ownership rights, while fee simple absolute specifically indicates ownership without any conditions or limitations. Fee simple absolute is the most complete form of ownership, with no restrictions on how the property can be used or transferred.

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Bottom Line

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Fee simple ownership provides the fullest control and rights over a property. This is important when buying, selling, or inheriting property. You should note the different types of fee simple ownership and how factors like encumbrances or leases might impact your rights.

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Tips for Investment Planning

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