FEE

also called Fee Simple, in modern common law, an estate of inheritance (land or other realty) over which a person has absolute ownership. The owner may put it virtually to any usesell it, give it away, rent or lease it, mortgage it, or bequeath it. Originally, in feudal times, a fee was not so absolute. Its meaning was equivalent to that of fief or feud; that is, land or other benefices held by a superior lord but granted to a man and his heirs on condition that services be rendered in return.