What Types Of Home Ownership Can You Have?
These are different forms of property ownership:
Sole owner using a simple deed to hold title: This is a form of ownership where one individual owns the entire property and holds title to it through a simple deed. This individual is solely responsible for all taxes, debts, and obligations associated with the property.
Tenants in common: This is a form of ownership where two or more individuals each own an undivided interest in the property. Each owner has the right to use the entire property, but their ownership interest may differ. In the event of an owner’s death, their share of the property will pass to their heirs or beneficiaries, not to the other owners.
Joint tenants: This is a form of ownership where two or more individuals each own an equal share in the property. Each owner has the right to use the entire property, and in the event of an owner’s death, their share of the property will pass to the surviving owner(s) automatically.
Tenants by the entireties: This is a form of ownership that can only be used by married couples. It is similar to joint tenancy, but the ownership interest is considered to be owned by both spouses as a single entity. In the event of an owner’s death, their share of the property will pass to the surviving spouse automatically.
Life estate: This is a form of ownership where one individual (the life tenant) has the right to use and occupy the property for the duration of their life. After the life tenant’s death, the property will pass to another individual (the remainderman) who owns the property in fee simple.
Land contract purchaser (also known as a buyer under contract for deed): This is a form of ownership where the buyer agrees to make payments to the seller over a specified period of time, after which the buyer will receive the deed to the property. The seller retains legal ownership of the property until the buyer has made all the payments specified in the contract.
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