Bay Area Real Estate Wiki

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====== Types of Ownership ======

===== 1. Sole 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)

===== 2. Co-Ownership =====
Ownership shared by two or more persons or entities.

==== a. Tenancy in Common ====
  * 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

==== b. Joint Tenancy ====
  * 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)

==== c. Community Property ====
  * Ownership by married spouses or registered domestic partners
  * Property acquired during marriage or partnership
  * Equal interests
  * No right of survivorship unless specified

==== d. Community Property with Right of Survivorship =====
  * Equal ownership by spouses or registered domestic partners
  * Combines community property and survivorship
  * Avoids probate for the deceased spouse’s interest

===== 3. Ownership in Trust =====
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

===== 4. Ownership by Business Entities =====
Property owned by legal entities rather than individuals.

  * Corporations
  * Limited Liability Companies (LLCs)
  * Partnerships

Title is held in the name of the entity.