There are some rigid definitions among scholars when to call a property “fee simple” or “freehold”. But in modern usage, both terms mean almost the same concept in sellers and buyers mind – the only difference is geographic region of using such term. In USA, we refer “fee simple” property also known as “freehold” property in Canada. In addition, in USA, we refer the Board of Directors as the body who governs the condo operation & business; while the Canadian counterpart, it is called, Strata Council – same concept but being called differently in USA/Canada.
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Jason Wong, MBA REALTOR®-Broker License RB-22819
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