Property Ownership

Our website shows how property is held in title under the circumstances below.  These forms of ownership are based on the deed filed in public record for a particular property.

Tenants in Common: A form of ownership between two or more owners who are not married to each other. Each owner has a specified interest in the property that may not necessarily be equal shares. However, the percentage of ownership of each tenant in common is usually specified in the deed. 

Tenants by Entirety: A form of ownership that can only be created between individuals who are married to each other at the time the property is acquired. Each spouse holds an equal and identical interest in the property as long as both spouses remain alive and married to each other. This treats both spouses as a single legal entity. Upon the passing of either spouse their interest passes to the surviving spouse.

Joint Tenants with Right of Survivorship:  A form of ownership between two or more people in which each person owns an undivided interest in the entire property. All joint tenants must take ownership at the same time. Since each joint tenant has the right of survivorship, when one passes away that joint tenant’s rights pass on to the remaining joint tenants.

Life Estate: A legal arrangement whereby the beneficiary is allowed use of the property during life. At death, the property automatically transfers to a remainderman, who is the person who inherits the property.

Enhanced Life Estate Deed:  Unlike a regular life estate, with an enhanced life estate the owner of the real estate retains complete control over the property during their lifetime, including the right to use the property for profit or to sell the property.

Trust: A three-party fiduciary relationship in which the first party (the trustor or settlor) transfers a property to the second party (the trustee) for the benefit of the third party (the beneficiary). Property of any sort may be held in a trust.  The uses of trusts are many and varied, for both personal and commercial reasons; trusts may provide benefits in estate planning and estate protection.

DISCLAIMER: The information provided above is for informational purposes only and not for the purpose of providing legal advice.