Hawaii real estate schools
  • Home
  • Real Estate School
    • Class Schedules and Locations
    • Course Costs and School Information >
      • Hawaii Real Estate License Requirements
      • School Curriculum & Policies >
        • Pass or Pay Nothing Guarantee
      • iNet Realty Graduating Class Pictures
    • FAQ
    • Online Courses
    • Blog
  • Contact Us

Types of real estate ownership

1/21/2014

0 Comments

 
Picture
An important aspect of dealing with real estate is how the new owner will take ownership of the property.  Although states may differ, there are generally 4 underlying ways that a property owner will take title.

Tenancy in severalty: Severalty mean a condition of being separate.  This gets a lot of people confused because of our use of the word several which would indicate more than two.  You will see this type of ownership held by an individual or corporation.

Tenancy in common: This type of ownership allows for both equal and unequal ownership between multiple parties.  If an owner passes away their ownership interest is conveyed to their heirs.

Joint tenancy:  There are four unities that must exist for joint tenancy which are interest, possession, time and title.  Unlike Tenancy in common, joint tenancy has each owner holding the same (interest).  They share in an undivided interest (possession) and they receive their interest at the same time (time).  Title will require that owners acquire their interest with the same deed (title).

If an owner passes away their interest reverts to the other owners called the right of survivorship.

Tenancy by the entirety:  Ownership allowed for married couples.  The right of survivorship exists and in some states additional privileges can be merited such as better asset protection. 


0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Archives

    January 2016
    October 2015
    September 2015
    August 2015
    July 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    September 2014
    August 2014
    April 2014
    March 2014
    February 2014
    January 2014
    November 2013

    Categories

    All
    Auction
    Career
    Hawaii Law
    Investing
    Landlord
    Licensing
    Loan
    Market
    Real Estate
    Sales
    Study

    RSS Feed