What is Fee Simple Ownership For First Time Home Buyers?

Fee simple is the legal term used in real estate that means full ownership of land. Described as the highest form of land ownership, fee simple is the dominant form of ownership in the United States.

This means, in addition to owning the land, and the house on the land, you also own the air rights above and the mineral rights in the ground below, that may include, oil, gas, mineral rocks or coal.

While you are still subject to zoning laws and easements restrictions, fee simple owners may do "anything" he/she/they wish on the land, such as:

• Add a room

• Tear down the existing house and build a new one

• Add a story

• Sell it

• Pass it down to whomever they choose

Do keep in mind that with all of the above, the lender still have the right to foreclose if you fail to pay your mortgage payment. In addition, you can still lose the home if you fail to make your property tax payment and, the city can offer you fair market value for your home if it decides to build a freeway through your property.

Helping home buyers since 2011. If it matters to you, it matters to us. We at First Home Houston is always looking out for your best interest. As always, we thank you for stopping by. Until next time… Diana.