Types of Ownership
The most common forms of ownership are as follows:
- Joint Tenancy
- (with common law right of survivorship) is when two or more individuals or entities own the property jointly, in equal shares. In the event of the death of one of the joint tenants, that tenant's interest in the real estate will be passed to the surviving joint tenant(s).
- Tenants in Common
- is a form of ownership in which two or more individuals or entities own an undivided interest in the real estate. Unless stated otherwise, the undivided interest will be equal. In the event of the death of one of the tenants, that tenant's interest in the real estate will not pass to the surviving tenant(s).
- Tenants by the Entirety with Common Law Right of Survivorship
- is the form of ownership reserved solely for a married couple. The husband and wife are considered one entity, therefore they each own 100 percent of the real estate. Upon the death of either the husband or the wife, the property will automatically convey to the surviving spouse. In the event of a divorce, this form of tenancy will terminate and both parties, as tenants, will hold ownership in common.
- Sole Ownership
- is when one individual takes title to real estate.