types of ownership 
Types of Property Ownership
By Jack S. Waverly, eHow Contributor
Share Tweet Share PinThere are five types of property ownership. The use of these types can depend on the state and the law where the property is located. Each type of ownership also dictates the amount of ownership and how ownership is transferred after death. It does not matter where the owner resides. Have a question? Get an answer from a lawyer now!
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How to Convert Joint Tenants to Tenants in CommonTypes of Property Ownerships"">
Sole Owner
The sole owner type of property ownership is where a single person owns the property. This single person can do whatever they wish with the property without needing permission from another party. If the person dies without a will, the property goes to that person 's heir as deemed by the state law where the property is.
Joint Tenancy
In joint tenancy property ownership, each person who has a share of ownership in the property owns an equal share of the property regardless of the number of share holders. If one owner dies, the share passes to the remaining owners until there is only one owner remaining. In a marriage situation joint tenancy means that if either spouse dies, even if a will states that the property should pass to a third person, the surviving spouse will get the property first.Sponsored LinksExport USA car to GhanaChoose a car, and we will deliver to Ghana. We have an office in Temawww.auctionexport.com
Common Tenancy
The common tenancy type of property ownership means the property is owned by two or more parties simultaneously. In this type of ownership, the shares of each party are not always equal. If one of the parties dies, the interest in the property held by that party passes to the heirs named by that party. Those heirs then become shareholders of the property equal to the original partners of the property.
Tenancy in Entirety
The tenancy in entirety is not legal in every state. Some states hold
By Jack S. Waverly, eHow Contributor
Share Tweet Share PinThere are five types of property ownership. The use of these types can depend on the state and the law where the property is located. Each type of ownership also dictates the amount of ownership and how ownership is transferred after death. It does not matter where the owner resides. Have a question? Get an answer from a lawyer now!
Other People Are Reading
How to Convert Joint Tenants to Tenants in CommonTypes of Property Ownerships"">
Sole Owner
The sole owner type of property ownership is where a single person owns the property. This single person can do whatever they wish with the property without needing permission from another party. If the person dies without a will, the property goes to that person 's heir as deemed by the state law where the property is.
Joint Tenancy
In joint tenancy property ownership, each person who has a share of ownership in the property owns an equal share of the property regardless of the number of share holders. If one owner dies, the share passes to the remaining owners until there is only one owner remaining. In a marriage situation joint tenancy means that if either spouse dies, even if a will states that the property should pass to a third person, the surviving spouse will get the property first.Sponsored LinksExport USA car to GhanaChoose a car, and we will deliver to Ghana. We have an office in Temawww.auctionexport.com
Common Tenancy
The common tenancy type of property ownership means the property is owned by two or more parties simultaneously. In this type of ownership, the shares of each party are not always equal. If one of the parties dies, the interest in the property held by that party passes to the heirs named by that party. Those heirs then become shareholders of the property equal to the original partners of the property.
Tenancy in Entirety
The tenancy in entirety is not legal in every state. Some states hold
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