The items shown on the statement will reflect the purchase price, the funds deposited or credited to your account, payoffs on existing encumbrances and/or liens, the costs for all services and a determination of the funds you are entitled to at the close of the escrow.
In English law, a fee simple or fee simple absolute is an estate in land, a form of freehold ownership. It is a way that real estate may be owned in common law countries, and is the highest possible ownership interest that can be held in real property.
Hang on, itâs not all that difficult. Fee-simple in Chicago (the general, legal definition is below since itâs far less interesting) usually means that the home is a townhouse where there is no property held by an association. In fact, there is usually no association at all.