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