Severalty is when property is owned by one person.
Joint Tenancy - Owned by two or more people, one title has their names on it, their shares are equal, and if one of them dies, the remaining owners own it all, not the heirs of the dead owner. (This is a way for a grandparent to put the grandchild's name on the property, so that if the grandparent dies, there are no inheritance issues, delays or taxes, if the property is paid off.)
Tenancy in Common - Owned by two or more people, shares can be unequal, and every owner has a separate title and can leave his share to his heirs.
Tenancy by the Entirety - Owned by a married couple, there is only one title with both of their names, and each owns 100% of the property, and if one spouse dies the other owns it in severalty.
Community Property - in community states the husband and wife are equal partners, and if one spouse dies, the other spouse automatically owns a half of the estate, and the other half goes to the heirs of the deceased.
Separate Property - property owned by a spouse before marriage or received as a gift or inheritance during the marriage. It can be sold without the other spouse's signature, but when it is being listed, it still needs both spouses' signatures.
Condominium ownership blends severalty and tenancy in common. The unit is owned in severalty, and the common areas are shared.
Cooperative - A corporation holds the title, and the purchasers get shares of stock in the corporation and the proprietary lease. The tenants do not own actual real estate, like the condo owners.
Time Share - Interval ownership. The buyer does not own the real estate. The developer retains the ownership.
Joint Tenancy - Owned by two or more people, one title has their names on it, their shares are equal, and if one of them dies, the remaining owners own it all, not the heirs of the dead owner. (This is a way for a grandparent to put the grandchild's name on the property, so that if the grandparent dies, there are no inheritance issues, delays or taxes, if the property is paid off.)
Tenancy in Common - Owned by two or more people, shares can be unequal, and every owner has a separate title and can leave his share to his heirs.
Tenancy by the Entirety - Owned by a married couple, there is only one title with both of their names, and each owns 100% of the property, and if one spouse dies the other owns it in severalty.
Community Property - in community states the husband and wife are equal partners, and if one spouse dies, the other spouse automatically owns a half of the estate, and the other half goes to the heirs of the deceased.
Separate Property - property owned by a spouse before marriage or received as a gift or inheritance during the marriage. It can be sold without the other spouse's signature, but when it is being listed, it still needs both spouses' signatures.
Condominium ownership blends severalty and tenancy in common. The unit is owned in severalty, and the common areas are shared.
Cooperative - A corporation holds the title, and the purchasers get shares of stock in the corporation and the proprietary lease. The tenants do not own actual real estate, like the condo owners.
Time Share - Interval ownership. The buyer does not own the real estate. The developer retains the ownership.
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