Common Forms Of Property Ownership

There are a variety of forms of ownership of property. The more common forms of ownership include:

• Joint Tenancy: Property owned by two or more people at the same time in equal shares. Each joint tenant has an undivided right to possess the whole property and a proportionate right of equal ownership interest. When one joint tenant dies, his/her interest automatically vests in the surviving joint tenant(s) by operation of law. Not all the states allow this form of property ownership.
• Tenancy in the Entirety: Some states have a special form of joint tenancy called "Tenancy in the Entirety". This is when the joint tenants are husband and wife, with each owning one-half. Neither spouse can sell the property without the consent of t he other.
• Sole Ownership: Property owned entirely by one person.
• Tenants in Common: Property owned by two or more persons at the same time. The proportionate interests and right to possess and enjoy the property between the tenants in common do not have to be equal. Upon death, the decedent' s interest passes to his/her heirs named in the will who then become new tenants in common with the surviving tenants in common.
• Community Property: Some states recognize community property, a special form of joint tenancy between husband and wife, each owning one-half. Upon death, the decedent's interest passes in a manner similar to tenants in common.