fee simple estate

The highest form of real estate ownership that is recognized by law, in which the owner can enjoy the property to its fullest extent and is only limited by zoning laws or other similar restrictions. The fee simple estate has unlimited duration and can be passed on to heirs. In relation to property in a condominium, the owner of a unit is owner only of his or her portion of the building, and jointly owns the land and common areas of the property with other tenants.