What is the maximum ownership of real property that is freely transferable and inheritable?

The maximum ownership of real property that is both freely transferable and inheritable is known as a fee simple estate. This type of estate represents the highest form of property ownership, granting the owner complete control over the property. The owner can use the property, sell it, lease it, or pass it on to heirs without limitation, making it a highly desirable form of ownership.

A fee simple estate is characterized by its permanence and the rights it confers, which include the ability to transfer ownership either during the owner's lifetime or upon death. There are no conditions or restrictions placed on this ownership, allowing for full control and enjoyment of the property, as long as it complies with local laws.

In contrast, other forms of property ownership may include various limitations or conditions. For instance, a leasehold estate typically grants rights for a limited time and does not confer full ownership, while tenancy in common and joint tenancy involve shared ownership that can complicate transferability and inheritance due to the co-owners' interests. Thus, the fee simple estate uniquely embodies the essence of maximum ownership rights in real property.