The ownership of all legal rights to property is known as what?

The ownership of all legal rights to property is referred to as fee simple. This form of ownership is considered the most complete and absolute interest in real property, encompassing the rights to use, lease, sell, or otherwise control the property without any limitations imposed by the previous owners, aside from legal restrictions such as zoning laws or easements. In a fee simple ownership, the property is typically not tied to any specific conditions and can be inherited or passed on without restrictions.

In contrast, other types of ownership, such as leasehold estate and life estate, involve certain limitations. A leasehold estate gives the tenant rights to use the property for a specific period but does not grant ownership, while a life estate is limited to the duration of an individual’s life, after which the property reverts to the original owner or another party. Fee simple conditional introduces conditions that, if not met, may lead to the loss of the property. Therefore, the comprehensive nature of fee simple makes it the correct answer when identifying ownership of all legal rights to property.