types_of_ownership
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| types_of_ownership [2025/12/23 09:59] – reidjs | types_of_ownership [2025/12/23 10:00] (current) – reidjs | ||
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| ===== 1. Sole Ownership ===== | ===== 1. Sole Ownership ===== | ||
| - | Ownership held by one individual or legal entity. | + | 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) | + | * Owner has full bundle of rights |
| + | * Common with single buyers or entities (LLCs, corporations) | ||
| ===== 2. Co-Ownership ===== | ===== 2. Co-Ownership ===== | ||
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| ==== a. Tenancy in Common ==== | ==== a. Tenancy in Common ==== | ||
| - | * Separate but undivided interests | + | |
| - | * Interests may be equal or unequal | + | * Interests may be equal or unequal |
| - | * Each owner may sell or will their interest | + | * Each owner may sell or will their interest |
| - | * No right of survivorship | + | * No right of survivorship |
| - | * Default form of co-ownership in California | + | * Default form of co-ownership in California |
| ==== b. Joint Tenancy ==== | ==== b. Joint Tenancy ==== | ||
| - | * Equal ownership interests | + | |
| - | * Includes right of survivorship | + | * Includes right of survivorship |
| - | * Requires the four unities: time, title, interest, possession | + | * Requires the four unities: time, title, interest, possession |
| - | * Upon death, interest passes automatically to surviving joint tenant(s) | + | * Upon death, interest passes automatically to surviving joint tenant(s) |
| ==== c. Community Property ==== | ==== c. Community Property ==== | ||
| - | * Ownership by married spouses or registered domestic partners | + | |
| - | * Property acquired during marriage or partnership | + | * Property acquired during marriage or partnership |
| - | * Equal interests | + | * Equal interests |
| - | * No right of survivorship unless specified | + | * No right of survivorship unless specified |
| ==== d. Community Property with Right of Survivorship ===== | ==== d. Community Property with Right of Survivorship ===== | ||
| - | * Equal ownership by spouses or registered domestic partners | + | |
| - | * Combines community property and survivorship | + | * Combines community property and survivorship |
| - | * Avoids probate for the deceased spouse’s interest | + | * Avoids probate for the deceased spouse’s interest |
| ===== 3. Ownership in Trust ===== | ===== 3. Ownership in Trust ===== | ||
| - | Property held by a trustee for the benefit of beneficiaries. | + | 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 | + | * Beneficiaries hold equitable title |
| + | * Common for estate planning and probate avoidance | ||
| ===== 4. Ownership by Business Entities ===== | ===== 4. Ownership by Business Entities ===== | ||
| - | Property owned by legal entities rather than individuals. | + | Property owned by legal entities rather than individuals. |
| - | * Corporations | + | |
| - | * Limited Liability Companies (LLCs) | + | |
| - | * Partnerships | + | * Limited Liability Companies (LLCs) |
| + | * Partnerships | ||
| Title is held in the name of the entity. | Title is held in the name of the entity. | ||
types_of_ownership.1766512771.txt.gz · Last modified: by reidjs