Fee simple is an ownership interest in real property that is the most full, unlimited, and absolute property interest recognized by law. This ownership interest of title in fee simple is also referred to as fee simple absolute; estate in fee simple; fee simple title; or simply fee, and the term is usually used to indicate the real property ownership interest a seller is transferring to a buyer.

The rights of a fee simple property owner are limited by the government’s power to tax the land (property taxes) and to purchase the land through the compulsory process mandated by state law—often as provided in the state’s constitution or in the state’s statutes—which is known as eminent domain.

In limited circumstances fee simple ownership may also be subject to the state’s police powers, the law of escheat (when the property owner dies without a will and without heirs), and encumbrances or deed restrictions on the use of the land.

In Kentucky, fee simple ownership represents the most comprehensive type of real estate ownership. A fee simple owner has the right to use, enjoy, and dispose of the property without any time limitations, subject to certain restrictions. These rights are, however, not absolute and are limited by the government's power to tax the property and to take the property for public use through eminent domain. Additionally, fee simple ownership may be restricted by state police powers, which include regulations for the public health, safety, and general welfare. If a property owner dies intestate (without a will) and without heirs, the property may escheat, or revert, to the state. Furthermore, the use of fee simple property may be limited by encumbrances or deed restrictions, which are conditions placed on the property that dictate certain uses or prohibit specific activities. These legal principles are grounded in Kentucky state statutes and the state's constitution, ensuring that while fee simple ownership grants the most extensive property rights available, these rights are exercised within the framework of state and federal law.