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 Oklahoma, fee simple ownership represents the most complete form of property ownership under the law, granting the owner virtually absolute control over the land. This includes the right to use, enjoy, sell, lease, and bequeath the property. However, even with fee simple ownership, there are certain legal limitations. The government retains the power to levy property taxes on the land, and it can also take the property through eminent domain for public use, provided fair compensation is given, as outlined in both the U.S. Constitution and Oklahoma state law. Additionally, the state can claim ownership of the property under its escheat laws if the owner dies intestate (without a will) and without any lawful heirs. Lastly, the use of fee simple property may be restricted by encumbrances or deed restrictions, which are conditions or limitations that affect how the property can be used. These restrictions can be created by previous owners or by law, and they bind current and future owners.