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 Minnesota, fee simple ownership represents the most comprehensive type of real estate ownership. The holder of a fee simple title has the greatest aggregation of rights, privileges, and power over the property, which they can freely sell, lease, or pass on to heirs. However, these rights are subject to certain limitations. The government retains the power to levy property taxes on the land. Additionally, the government can exercise eminent domain to acquire the property for public use, provided it pays just compensation, as outlined in both the United States Constitution and Minnesota statutes. The state's police powers may also impose regulations on the use of the property for the protection of public health, safety, and welfare. If a property owner dies intestate (without a will) and without any heirs, the property may escheat, or revert, to the state. Lastly, the use of the property may be restricted by encumbrances or deed restrictions, which are conditions placed on the property that limit its use or the owner's ability to dispose of the property.