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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 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.