Single Family Home
What’s a Single Family Home?
A single family home is a free-standing dwelling that offers fee simple ownership. Let’s take a closer look at the common characteristics of this property type with the widest range of financing options.
Fee Simple Ownership
In most cases, single family homes offer fee simple ownership. Fee simple is the highest form of ownership and grants title to the property, the land, and any improvements to the land in perpetuity.
A fee simple owner has the right to possess, use, and dispose of the land as he or she wishes. Fee simple owners can lease their property, sell it, trade it, and pass it to others upon death. Encumbrances can still be placed on the property if the owner fails to pay their mortgage, property taxes, or improvement expenses through a mechanic’s lien. The homeowner must abide by any zoning or HOA restrictions in place. Homeowner’s associations may require approval from an architectural review board for renovations that affect community uniformity.
