fee simple

from The American Heritage® Dictionary of the English Language, 5th Edition.

• noun An estate in land of which the inheritor has unqualified ownership and power of disposition.
• noun Private ownership of real estate in which the owner has the right to control, use, and transfer the property at will.

from Wiktionary, Creative Commons Attribution/Share-Alike License.

• noun The private ownership of property (real estate) in which the owner has the right to control, use and transfer the property at will.

from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.

• noun a fee without limitation to any class of heirs; they can sell it or give it away