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There's more than one way to own residential or commercial property, like a house or a plot of land. Those different kinds of residential or commercial property ownership come with other rights, responsibilities, and legal liabilities.
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To that end, it's a good concept to know how you own a residential or commercial property, particularly if you desire to offer it or develop it in the future.
Today, let's have a look at fee simple vs. leasehold ownership. We'll information the distinctions between these ownership types and the benefits and disadvantages of both ownership styles.
What Is Fee Simple Ownership?
Fee basic ownership, AKA charge basic absolute ownership, means you totally own a residential or commercial property or plot of land. When you buy residential or commercial property under fee basic guidelines, you are provided title or ownership of the residential or commercial property in question.
Title ownership includes ownership of the land and any improvements to the land in all time. Until you sell the residential or commercial property, you control everything there is to do with that land, plain and simple.
Under cost basic ownership guidelines, you have the right to:
- Possess the land and survive on it if you so choose
This will delete the page "Fee Simple Vs. Leasehold: what's The Difference?"
. Please be certain.