Common Law

Fee Simple Common LawFee simple in short is an estate of land. Fee simple is the most common ownership of property. This type of ownership is one of the most absolute types of ownership. Four government powers do limit fee simple’s taxation, eminent domain, police power, and escheat.

Ground rent also known as chief rent or rent charge, which is not typically a term that is used in the United States but in Pennsylvania refers to a grant in fee simple reserves a certain right for the owner and their heirs a certain rent. Ground rents are also found in Maryland specifically the Baltimore area. In Maryland, the ground rents are usually 99-year leases that are indefinitely renewable. There are also residential ground rents that are subject to a one-time fee and then the owner of the property can own the land beneath their residence.

A leasehold property is different from a fee simple because it is a partial interest in the property instead of owning the property. Leasehold gives someone the right to occupy a property for a given period. A leasehold estate can be bought and sold. In common, law the tenant has two duties, one is to pay rent and the other is to not waste the property.

Property management is used in most commercial properties to help with maintaining a certain property. Property management can also be used in multifamily properties as well as single-family residential properties. Many property management companies will help in managing residential properties by acting as a third party between the property owner and the tenant. Property management companies will help with maintaining paperwork for tax purposes as well as be the go to person for any repairs or requests to change the property. If repairs need made the property manager typically has a team of experts in all areas and depending on the problem will send a given person to the property to look at the problem.

Fee simple is a very complex idea because it encompasses many facets of owning and leasing a property.