Let’s say a university grants a parcel of land to a nonprofit organization for the purpose of constructing and operating a public library. These conditions are specified in the deed and may result in the ownership right being extinguished or modified if they are triggered. Fee simple defeasibleĪs explained above, the extinguishable fee simple usufruct is a type of ownership that grants the owner (assignee) full ownership rights, but with certain conditions or limitations. The owner has the right to transmit the property to his heirs by inheritance. The ownership right is considered indefinite and has an unlimited duration. There are no conditions or limitations attached to the ownership, and the owner has the right to own, use, transfer and dispose of the property without any restrictions. In this type of ownership, the owner (transferee) has full and unrestricted ownership rights to the property. Fee simple absoluteĪ fee simple absolute, also known as fee simple estate or fee simple title, is the highest form of ownership. The main difference between an absolute property right and a defeasible property right lies in the conditions and limitations of the property rights.
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