Types of Ownership

Ownership held by one individual or legal entity.

• Also called severalty
• Owner has full bundle of rights
• Common with single buyers or entities (LLCs, corporations)

Ownership shared by two or more persons or entities.

• Separate but undivided interests
• Interests may be equal or unequal
• Each owner may sell or will their interest
• No right of survivorship
• Default form of co-ownership in California

• Equal ownership interests
• Includes right of survivorship
• Requires the four unities: time, title, interest, possession
• Upon death, interest passes automatically to surviving joint tenant(s)

• Ownership by married spouses or registered domestic partners
• Property acquired during marriage or partnership
• Equal interests
• No right of survivorship unless specified

• Equal ownership by spouses or registered domestic partners
• Combines community property and survivorship
• Avoids probate for the deceased spouse’s interest

Property held by a trustee for the benefit of beneficiaries.

• Trustee holds legal title
• Beneficiaries hold equitable title
• Common for estate planning and probate avoidance

Property owned by legal entities rather than individuals.

• Corporations
• Limited Liability Companies (LLCs)
• Partnerships

Title is held in the name of the entity.