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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.
If you or a loved one is in need of legal assistance, call The Law Offices
Of Jason A. Pollack at 310.824.8733 or 415.283.3244
or submit an online case review. The initial
consultation is free of charge, and if we agree to handle your case, we may
work on a contingency fee basis, which means we get paid for our services only
if there is a monetary recovery of funds. In many cases, a lawsuit or other
claim must be filed before an applicable expiration date, known as a statute
of limitations. Please call right away to ensure that you do not waive your
right to possible compensation.
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