Fee simple is the most common type of land ownership, meaning that the owners have complete ownership of the land and the home, but are still subject to taxation and debt obligations on their mortgage. Fee simple is contrasted with lease ownership, meaning the owners have complete access to the land, but they don't actually own it. Single family residence owners have fee simple ownership, but condo and many townhouse owners don't since they only own their unit, not the land on which the development is built. A condo or townhome development will list the type of ownership available in the Covenants, Conditions and Restrictions (CC&Rs) document.

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