The holder of title in fee simple has full possessory rights over the property in question for the present as well as into the future for an infinite period. It is a fully heritable right, which can be transmitted from generation to generation indefinitely. The holder can transfer or sell the entire estate or any part thereof during his lifetime without any fetters or restriction. He may also bequeath similarly by Will to take effect after his death.
In case of purchase of a condominium, the buyer purchases the residential unit in fee simple with right to use the common areas and facilities. Each of the residential units has its own deed, tax bill, mortgage and ownership rights but must contribute towards the maintenance of the common areas.
Joint Tenancy with Right Of Survivorship:
Here each of the joint owners has equal undivided share in the estate. However, on the death of any joint owner the share of the deceased does not devolve on his heirs or successors. Instead the surviving owner or owners get undivided right to the entire estate.
Tenancy in Common:
In this type of title each owner has distinct undivided interest in the property which devolves on his heirs by inheritance or succession. There is no right of survivorship in favor of the surviving joint owners. Unless otherwise specified, conveyance to two or more persons is tenancy in common.
