What is the term used for the most basic form of real estate property rights?

Fee Simple is the term used to describe the most basic and complete form of real estate property rights. It signifies absolute ownership of a property, which includes the right to use, sell, or transfer the property as the owner sees fit, subject to any applicable laws or restrictions. This form of ownership does not come with conditions or limitations, making it the highest type of property interest recognized by law.

In contrast, leasehold refers to a rental agreement that allows a lessee to occupy a property for a specified period, which lacks the full ownership rights associated with fee simple. A life estate grants ownership for the duration of an individual’s life, after which the property reverts to another party, limiting permanent ownership. Joint tenancy involves co-ownership of property where each owner has an undivided interest, but it does not represent the absolute ownership that fee simple provides. Thus, fee simple ownership remains the foundational type of property rights in real estate law.