Fee Simple Defeasible
Definition
- A condition in which someone has outright ownership of real estate, free of any liens or other claims against title, but whose use of the property has restrictions
Synonyms
defeasible estate
Related Terms and Acronyms
- Clear Title — Definition,
- Title not burdened by liens or legal questions.
- Cloud on Title — Definition,
- A claim on title to property that could impair the ability to transfer ownership.
- Fee Simple — Definition,
- Outright ownership of real estate, free of any liens or other claims against title.
- Tax Lien — Definition,
- A claim, or obstacle, to the sale of property because of unpaid taxes. The property's title can't be transferred until liens are paid.
- Title — Definition,
- Evidence of a person's right to possession ownership of a property.
- Title Report — Definition,
- A report that reveals any competing claims, liens, or other problems relating to a property. A title report is required before title insurance will be issued. Also known as a "Preliminary Title Report" or "Prelim."
- Title Search — Definition,
- A check of public records to make sure that the owner of real property has the right to transfer ownership. A title search is designed to spot gaps in the chain of title, liens, problems with the legal description of the property, judgements against the owner, and the like.
