Types of Property Ownership
Updated: Apr 9, 2019
When it comes to property ownership, things can get a little tricky, especially with all the rules and regulations put in place by your state. That's why it's always important, when dealing with commercial real estate, that you always have legal representation by a commercial real estate attorney. There are several different types of property ownership, all of which will be discussed in this article, so keep reading!
The most straightforward type of property ownership is sole ownership. This means that you, and you alone, own the property and only your name is on the deed. You can sell your property at any time, without the consent of anyone else, because you are the sole owner.
Joint Tenancy is essentially exactly how it sounds, "joint." This means that the deed of the property has two names on it; half/half ownership. This is quite common in spousal ownerships of property.
Tenants In Common
Tenants In Common is a little bit more tricky. In this type of ownership, multiple tenants own the same property, however, they are all usually unrelated to one another. When one owner dies, his or her property is equally divided among the other tenants.
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