METHODS OF HOLDING TITLE
Sole Ownership
Sole ownership may be described as ownership by an individual or other entity capable of acquiring title. Examples of common vesting in cases of sole ownership are:
- Single man or woman
- Unmarried man or woman
- Married man or woman as his or her sole and separate property
The title company insuring title will require the spouse of the married person acquiring title to disclaim or relinquish his or her right, title, and interest in the property.
Joint Tenancy
Defined as an undivided interest in real property; taken by two or more joint tenants. The interests must be equal, occurring under the same conveyance and beginning at the same time. Upon the death of a joint tenant, the interest passes to the surviving joint tenants, rather than to the heirs of the deceased. Therefore, joint tenancy property is not subject to deposition by will.
Tenants in Common
Defined as an undivided ownership in real estate by two or more persons. The interest need not be equal and in the event of the death of one of the owners, no right of survivorship in the owners exist. Each tenant may lease or sell his/her share of the property belonging to him/her.
Community Property
A form of vesting title to property owned by husband and wife during their marriage which they intend to own together. Community property is distinguished from separate property, which is property acquired before marriage, by separate gift or bequest, after legal separation, or which is agreed to be owned by only one spouse. Under community property, either spouse has the right to dispose of one half of the community property, including transfers by will.
Community Property with Right of Survivorship
A form of vesting title to property owned by husband and wife during their marriage which they intend to own together. Right of survivorship avoids probate. Mutual consent is required for transfer. A descendant’s interest automatically passes to the surviving spouse due to right of survivorship.