What is Fee Simple Ownership For First Time Home Buyers?

Design by Diana Walton- Houston First Time Home Buyer Specialist

Hello and welcome to Houston First Time Home Buyers Edition, formally First Home Houston (FHH), where we provide useful information to help Houston first time home buyers make the most informed decision when it comes to buying, decorating, and maintaining their first home.

Fee simple is the legal term used in real estate that means full ownership of land. Described as the highest form of land ownership, fee simple is the dominant form of ownership in the United States.

This means, you own the land, and the house on the land, you may also own the air rights up to 500 feet, however, you may not own the mineral rights in the ground below, that include, oil, gas, mineral rocks or coal.

While you are still subject to zoning laws and easements restrictions, fee simple owners may do "almost anything" he/she/they wish on the land, such as:

• Add a room.

• Tear down the existing house and build a new one.

• Add a story.

• Sell it.

• Pass it down to whomever they choose.

Do keep in mind that with all of the above, the lender still have the right to foreclose if you fail to pay your mortgage payment. In addition, you can still lose the home if you fail to make your property tax payment and, the city can offer you fair market value for your home if it decides to build a freeway through your property.

As always, thank you so much for stopping by. Remember, if you are thinking of purchasing your first home, please contact us. We are here to help. We have been helping Houston first time home buyers since 2011 and we can help you. I hope you have an amazing day. Until next time...Diana