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Types of Property Ownership

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Joint Tenancy

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Equal ownership by two or more individuals, includes right of survivorship.

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Sole Ownership

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Owned by one person, full control over property, and no division of rights.

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Cooperative Ownership

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Shareholders own a corporation that owns the property; rights to units are through shares.

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Leasehold Estate

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Tenant has a temporary, exclusive right to use and occupy property under a lease agreement.

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Partnership Ownership

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Owned by two or more individuals or entities in a business partnership.

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Community Property

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Ownership by married couples, property acquired during marriage equally owned.

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Corporate Ownership

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Property owned by a corporation, shareholders have an interest based on shares owned.

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Fee Simple Defeasible

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An estate which may be lost on the occurrence or nonoccurrence of a specified event.

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Tenancy by the Entirety

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Similar to joint tenancy but exclusive to married couples, with full survivorship rights.

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Timeshare Ownership

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Multiple owners have use of property for allotted time periods, often in vacation properties.

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Tenancy in Common

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Property owned by two or more individuals without right of survivorship; shares can be unequal.

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Trust Ownership

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Property held by a trust entity, managed by a trustee for the benefit of a beneficiary.

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Fee Simple Absolute

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The most complete form of ownership with unlimited duration, no conditions on title.

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Condominium Ownership

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Individual ownership of a unit plus a shared interest in common areas.

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Life Estate

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Non-inheritable possession in real property only for the duration of a person's life.

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