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Types of Property Ownership
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Flashcards
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Joint Tenancy
Equal ownership by two or more individuals, includes right of survivorship.
Sole Ownership
Owned by one person, full control over property, and no division of rights.
Cooperative Ownership
Shareholders own a corporation that owns the property; rights to units are through shares.
Leasehold Estate
Tenant has a temporary, exclusive right to use and occupy property under a lease agreement.
Partnership Ownership
Owned by two or more individuals or entities in a business partnership.
Community Property
Ownership by married couples, property acquired during marriage equally owned.
Corporate Ownership
Property owned by a corporation, shareholders have an interest based on shares owned.
Fee Simple Defeasible
An estate which may be lost on the occurrence or nonoccurrence of a specified event.
Tenancy by the Entirety
Similar to joint tenancy but exclusive to married couples, with full survivorship rights.
Timeshare Ownership
Multiple owners have use of property for allotted time periods, often in vacation properties.
Tenancy in Common
Property owned by two or more individuals without right of survivorship; shares can be unequal.
Trust Ownership
Property held by a trust entity, managed by a trustee for the benefit of a beneficiary.
Fee Simple Absolute
The most complete form of ownership with unlimited duration, no conditions on title.
Condominium Ownership
Individual ownership of a unit plus a shared interest in common areas.
Life Estate
Non-inheritable possession in real property only for the duration of a person's life.
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