2 Replies to “What are some of the common forms of property ownership?”

  1. (1) Joint Tenancy: property owned by two or more people at the same time in equal shares; typically referred to as the four unities (unity of time, title, interest and possession vesting in each joint tenant). Each joint tenant has an undivided right to possess the whole property and a proportionate right of equal ownership interest.

    (2) Tenancy in the Entirety: some states have a special form of joint tenancy when the joint tenants are husband and wife — with each owning one-half.

    (3) Sole Ownership: owned entirely by one person.

    (4) Tenants in Common: property owned by two or more persons at the same time. The proportionate interests and right to possess and enjoy the property between the tenants in common do not have to be equal.

    (5) Community Property: only in states that recognize community property, a special form of joint tenancy between husband and wife, each owning one-half.

  2. I am not too sure as to what you are asking but…you can buy property in your name, in a set up trust name, business name. You have to know how you want to “hold title” are you married? Have children? You really should talk to an attorney to get all the variables. Are you talking about getting a mortgage or buying on land contract? If you get a mortgage make sure you have a locked in interest rate. If you are getting a land contract pay attention to the time limit and balloon payment time. Usually with a land contract you are expected to get bank financing after a specific time or have it paid off.

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