Understanding Property Ownership
Posted on 02. Mar, 2010 by Admin in Uncategorized
Owning a property does not come easy. There are so many steps and legalities involved and some people don’t know where to begin. Before anything else, you can start off by doing some research to help you understand the basics of owning a property. Here is a quick overview:
What is Property Ownership?
Once a person or a group of people own a property, they have the right to sell, rent, consume, mortgage, transfer, exchange, and destroy this property at their own discretion.
What are the Forms of Property Ownership?
Here are some common ways of owning a property:
- Sole Property Ownership – this refers to a property owned entirely by one person without any other owners. When you die, property owned in your name can be distributed to your beneficiaries in your will, as long as you recognize your spouse’s marital interest.
- Tenancy in Common (TIC or T/C) – this refers to a property owned by two or more persons at the same time. Each person “tenant in common” owns a specific percentage of the property that does not have to be equal. When a tenant in common dies, his/her share passes directly to his/her beneficiaries, who will then become new tenants in common with the surviving tenants in common.
- Joint Tenancy with Rights of Survivorship (JTWROS) – this refers to owning an equal share of the property with one or more other persons. When you die, your ownership share in the property automatically passes to the other surviving owner(s).
- Tenancy by the Entirety – co-ownership available only to a husband and wife, each owning one-half. In some states, only real estate can be held in tenancy by the entirety. Spouse cannot sell/mortgage property owned without the other’s approval. When one spouse dies, the other spouse automatically receives full title.
- Community Property – this type of joint ownership can only exist between a husband and wife. Each spouse’s ownership rights are set by specific state laws and rules apply.
These common forms of property ownership can at least give you a heads up in making a decision and hopefully reduce or eliminate any possible headaches. As with anything involving legalities, always consult with a competent attorney.
Additional Legal Information: Real Estate Lawyer Ned Kimmelman. Serving Clients in South Florida.
This article is for information purposes only and not intended as legal advice. It is best to consult a lawyer.
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