The most absolute ownership of land from the Crown or Commonwealth. The lessee enjoys the full freehold bundle of rights but subject to:
legal obligations to neighbours eg a cross easement over the party wall of a semi detached cottage.
rights reserved to the crown or government eg ownership of minerals.
conditions imposed in the crown grant eg in NSW the minister's consent to transfer
restrictions entered into by agreement eg a restrictive covenant
statutory limitations eg town planning restrictions.
restrictions under the lease eg the lease purpose clause.
There are 2 distinguishing features of fee simple:
at common law on intestancy the fee simple would descend to collateral heirs in the absence of lineal heirs.
the tenant in fee simple has absolute power of disposition either during the life of the owner or by will.