FEE SIMPLE Definition

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FEE SIMPLE is absolute ownership of real property; owner is entitled to the entire property. This includes unencumbered right of disposition during his/her life and upon death the real property passes to his/her heirs. Also known as FEE SIMPLE ABSOLUTE and FEE ABSOLUTE.

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LESSEE is the party to whom the possession of specified property has been conveyed for a period of time in return for rental payments.

SUPERANNUATION FUND see PENSION FUND.

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