What are the forms of co-ownership of real estate?

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Transcript

There are several ways that multiple owners can hold title to real estate. These different forms of co-ownership can differ from state to state.

The forms of co-ownership depend on whether the state is a community property state or a separate property state.

In separate property states, property may be co-owned as tenants in common, joint tenancy with rights of survivorship, and tenancy by the entirety.

In community property states, title may be co-owned as community or separate property and may include survivorship rights.

The form of co-ownership can have important legal consequences. For example, a tenancy in common can require a court proceeding to transfer property after a deceased owner’ death. A joint tenancy can transfer property to another owner when one owner dies, even if that wasn’t the deceased owner’s intent.

The form of co-ownership can also increase or decrease creditor risks associated with the property. And for married couples, the form of co-ownership can change the marital rights associated with the property.

It is important to use the right form of co-ownership for your specific state and your specific situation.