Glossary Term: "Fee simple"

is a legal term used in real estate that means full and irrevocable ownership of land, and any buildings on that land. Fee simple is the highest form of ownership — it means the land is owned outright, without any limitations or restrictions other than local zoning ordinances. The term fee simple applies only to real estate, which includes land, immovable property and any property directly attached, such as a building, road, pond or machinery.