In most areas of the United States, when you purchase property, you are buying the land and all of its improvements in perpetuity. However, this is not always the case in select states and vicinities. Before you buy real estate on Maui or in any other area, it is important to know exactly what your purchase includes and how long you will have access to that property. With this in mind, a closer look at the differences between fee simple vs. leasehold ownership is in order.
Understanding Fee Simple Ownership
Fee simple ownership, which may also be referred to as a freehold, is the type of real estate ownership that most people are familiar with. With fee simple ownership, you are buying the land and its improvements in their entirety. More than…
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