Explore tens of thousands of sets crafted by our community.
Types of Real Estate Ownership
10
Flashcards
0/10
Sole Ownership
Owned by one person or entity, full control over the property, responsible for all associated costs and liabilities.
Joint Tenancy
Ownership by two or more persons with rights of survivorship. When one owner dies, ownership is transferred to the surviving owners.
Tenants in Common
Shared ownership by two or more persons without rights of survivorship. Each tenant can have different ownership percentages.
Community Property
A form of ownership by spouses during their marriage that they intend to own together. Typically applies in some states.
Condominium Ownership
Ownership of a single unit within a larger property. Common areas are jointly owned by all unit owners through a homeowner's association.
Cooperative (Co-Op) Ownership
Shareholders own a corporation that owns the building; residents own shares and have the right to reside in a unit.
Timeshare Ownership
Multiple owners have the right to use the property for a certain period each year, often one week.
Tenancy by the Entirety
Similar to joint tenancy but only for married couples. Property automatically goes to the surviving spouse without going through probate.
Leasehold Estate
The right to occupy and use property for a set period of time. Different types include fixed-term, periodic, at-will, and at-sufferance tenancies.
Trust Ownership
Property is held by a trustee for the benefit of another person, called the beneficiary. Trust can be used for estate planning and tax benefits.
© Hypatia.Tech. 2024 All rights reserved.