fee interest
fee interest. 1. FEE(2). 2. FEE SIMPLE. 3. FEE TAIL. 4. Oil & gas. Ownership of both the surface interest and the mineral interest.
Search Results for: FEE INTEREST
mineral interest
mineral interest. Oil & gas. The right to search for, develop, and remove minerals from land or to receive a royalty based on the production of minerals. • Mineral interests are granted by an oil-and-gas lease. — Also termed mineral right. See FEE INTEREST; SUBSURFACE INTEREST; SURFACE INTEREST . [Cases: Mines and Minerals 47, 62.1,
lay fee
Hist. A fee interest in land held by ordinary feudal tenure, such as socage, rather than by ecclesiastical tenure through frankalmoin. See FRANKALMOIN; SOCAGE.
fee simple
An interest in land that, being the broadest property interest allowed by law, endures until the current holder dies without heirs; esp., a fee simple absolute. — Often shortened to fee. — Also termed estate in fee simple; tenancy in fee; exclusive ownership; fee-simple title; feudum simplex. [Cases: Estates in Property 5–7. C.J.S. Estates §§
fee simple subject to an executory limitation
A fee simple defeasible that is subject to divestment in favor of someone other than the grantor if a specified event happens (e.g., “to Albert and his heirs, but if the property is ever used as a parking lot, then to Bob”). — Also termed fee simple subject to an executory interest. [Cases: Estates in
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origination fee
A fee charged by a lender for preparing and processing a loan. [Cases: Usury 53. C.J.S. Interest and Usury; Consumer Credit §§ 162, 165–168.]
fee simple determinable
An estate that will automatically end and revert to the grantor if some specified event occurs (e.g., “to Albert and his heirs while the property is used for charitable purposes”); an estate in fee simple subject to a special limitation. • The future interest retained by the grantor is called a possibility of reverter. —
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fee simple subject to a condition subsequent
An estate subject to the grantor’s power to end the estate if some specified event happens (e.g., “to Albert and his heirs, upon condition that no alcohol is sold on the premises”). • The future interest retained by the grantor is called a power of termination (or a right of entry). — Also termed fee
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future interest
future interest. A property interest in which the privilege of possession or of other enjoyment is future and not present. • A future interest can exist in either the grantor (as with a reversion) or the grantee (as with a remainder or executory interest). Today, most future interests are equitable interests in stocks and debt