What is Fee Simple ?
Fee Simple is a legal form of ownership. This is the most common form of real estate title. In a fee simple ownership, you have "absolute ownership" subject to basic government rights such as taxation and subject to deed restrictions. The most common restrictions, easments, and / or encumbrances include public utility easments, neighborhood restrictions such as building set-back lines, and water / wastewater easments. The vast majority of homes are held "Fee Simple." If you obtain financing to purchase a 1-4 unit property, the lender will probably require a survey as well as a title policy. These should describe any of these restrictions and right-of-ways. Adverse easments and violations should also be disclosed by a seller when a property is sold if the seller is aware of such.
Fee simple ownership does not generally have a time limit and allows for re-conveyance at your discression (within lien limits, and neighborhood restrictions).
For residential property in the US, the other form of ownership commonly seen is "condomium" or "commonhold." Where a condomium ownership does grant ownership, is provides for shared ownership of common elements such as a hallway or swimming pool. In addition, the legal description will be listed as a unit # as opposed to a lot and block.
Always consult a licensed Attorney in the state where the property is for title discrepancies.