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 North Dakota, 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 powers possible under law. The owner can use, enjoy, and dispose of the property without any limitations, except those imposed by governmental powers. These limitations include the obligation to pay property taxes to the state and the possibility of the government taking the property through eminent domain, which is the right of the government to expropriate private property for public use, with compensation. Additionally, the state's police powers may impose regulations on the use of the property for the protection of public health, safety, morals, and general welfare. If a property owner dies intestate (without a will) and without heirs, the property may escheat, or revert, to the state. Lastly, the use of the property may be subject to certain encumbrances or deed restrictions, which are conditions or limitations that affect the use of the land. These legal principles are grounded in North Dakota's statutes and case law, and they frame the extent to which fee simple property owners can exercise their property rights.