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 Vermont, fee simple ownership represents the most comprehensive type of real estate ownership. As a fee simple owner, one has the right to possess, use, and dispose of the property as they wish, subject to certain limitations. These rights are subject to governmental powers such as taxation, where the state can levy property taxes, and eminent domain, where the government can compel the sale of private property for public use under certain conditions. Additionally, Vermont's police powers may impose regulations for the general welfare, such as zoning laws. If a property owner passes away intestate (without a will) and without heirs, the property may escheat, or revert, to the state. Lastly, fee simple ownership in Vermont can be limited by encumbrances or deed restrictions, which are conditions or limitations that affect how the property can be used.