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 Nevada, 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 freely sell, lease, or bequeath the property through a will, and the ownership is potentially infinite in duration. However, despite the extensive rights, fee simple ownership is still subject to certain limitations imposed by law. These include the obligation to pay property taxes to the government and the possibility of the government taking the property through eminent domain for public use, provided just compensation is given, as per the Fifth Amendment of the U.S. Constitution and relevant Nevada statutes. Additionally, the state's police power allows for regulation of property in the interest of public health, safety, morals, and general welfare. If a fee simple property owner dies intestate (without a will) and without heirs, the property may escheat, or revert, to the state. Lastly, the use of fee simple property may be restricted by encumbrances or deed restrictions, which are conditions placed on the property that limit its use or the owner's rights.