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.
Fee Simple. Fee simple title refers to how the title to the property is held. This form of vesting implies an absolute form of ownership. The owner of a property held as fee simple has the right to grant the property to anyone via a deed. If the owner keeps the property until his death, his heirs become the owners. When ownership is transferred, the fee simple title remains. Fee simple title can be impaired by liens and mortgages.