Freehold

A freehold is a type of ownership where one owns both the property and the land it is standing on. Also called a fee simple, it gives the owner full rights to the asset for an infinite period of time. It is one of the most complete forms of property ownership. Ownership of a freehold is not free of charge, but rather free of the customs requirements normally imposed on a property. A freehold owner still has to pay property tax and may still be limited by police power, eminent domain, and certain encumbrances specified in the deed.