Which ownership type allows for full rights and responsibilities of the property?

Fee Simple Ownership is the highest form of property ownership recognized in real estate law. This type of ownership grants the owner complete rights to the property, meaning they have the ability to use, sell, lease, or develop the land without any limitations imposed by others. Fee simple ownership conveys not only full ownership of the property but also encompasses the full bundle of rights, including the right to possess, control, enjoy, and dispose of the property as the owner sees fit.

In contrast, leasehold ownership provides rights for a specified period under a lease agreement, where the ownership rights are temporary and revert back to the landlord at the end of the lease term. Joint tenancy involves shared ownership with equal rights among co-owners, but it typically includes limitations on how the ownership can be managed and disposed of, especially concerning survivorship rights. Condominium ownership allows individuals to own their unit outright, but common areas are jointly owned, which reduces overall control compared to fee simple ownership, as decisions are often made collectively by all owners in the condominium association. Therefore, fee simple ownership clearly represents the fullest form of ownership with absolute rights and responsibilities concerning the property.