This is an old revision of the document!
Table of Contents
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/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.