What are the ways to hold title to a property?
There are four basic types of titles to real estate:
- Tenants by entirety
This is the most common form used by married couples to hold title to their home. Each partner owns an equal, undivided interest in the whole property. When one person dies, the spouse gets the title to the whole property automatically.
- Joint tenants
This title is similar to the first, but is used more frequently for two or more unmarried people. Each owns an equal, undivided interest in the property and with the right of survivorship, when one owner dies, the title automatically goes to the survivor or survivors.
- Tenants in common
This form is used more for investment ownership in property. Each shares ownership of the whole property, but when one partner dies, the deceaseds share passes according to the owner's will.
- Individual ownership
One person owns the entire property, which, upon death, passes according to the instructions in their will.