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My first blog on my new site commemorates the advent of real estate as we know it.

 

A Knight at Home

The gait was smooth as he strode into Runnymede. The tension was high with anticipation as the sound of horses, leather and the steel of armor and weapons noted their presence on a late spring day. It was a way of life for William to do the crafted dance around kings, knights and barons that proved his knightly longevity to become Earl of Pembroke. June 15, 1215 bore the Magna Carta and William played a crucial role. A balance of power was forced upon King John of England by a council of 25 Barons who were fed up with the indiscriminate abuse of power by the king. William Marshall, a knight of great reputation to both sides, helped broker the "Great Charter".

Among the many rights of the Magna Carta which have thread their way through history into our Constitution, the "fee simple estate" has had a most positive and profound effect on the economic wealth of our country.

The Fifth Amendment guarantees that "no person shall be deprived of life, liberty, or property, without due process of law" a phrase that was derived from the Magna Carta.

The ownership of your home enjoys the benefit of "fee simple absolute" or fee simple which is the highest estate permitted by law. It gives you the right to possess your property and hold for an indeterminate amount of time. The word "fee" was derived from the word "fief" which was a feudal land holding subject to the king's conditions and desire. When the feudal land system was abolished all fiefs became "simple" without conditions attached to the possession and benefit of your home. Hence fee simple.

You can thank, in part, a knight of great repute and chivalry for the enjoyment you have in owning your home. Sir William Marshall, Earl of Pembroke.

By: Tom Jacobson
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