YancyRE
http://www.YancyRE.com
You are here
Types of Ownership
- Marketable Title – An ownership interest that a well-informed buyer can reasonably be expected to accept and that the buyer can transfer in a future transaction. This is conveyed by the property seller.
- Chain of Title – The history of conveyances and encumbrances that can be found in the public records.
- Title Search – A search to reveal the chain of title.
- Grantee Index – The name of the grantor to the current owner (grantee). Follow chain back to first recorded document of the property. Similar for grantor index.
- Estate in Severalty (sole ownership) – Occurs when property is held by one person or a single legal entity.
- Tenancy in Common – Involves two or more individuals who own an undivided interest in real property without rights to survivorship.
- Survivorship – The right of a surviving joint tenant to receive a co-owner’s share of interest upon the death of a co-owner.
- Joint Tenancy – Involves two or more people but includes a right of survivorship.
- Four Unities for Valid Joint Tenancy
- Unity of Time – All tenants acquire interest at same moment.
- Unity of Title – All tenants acquire interest from same source.
- Unity of Interest – Each tenant has equal percentage of ownership.
- Unity of Possession – Each tenant enjoys same undivided interest in whole property.
- Tenancy by the Entirety – A joint tenancy specifically for married couples in non-community property states. It has all four unities plus unity of person, which legal premise is that husband and wife are an indivisible legal unit.
- Community Property – Based on premise that each spouse in a marriage is a partner with an equal interest in the property and requires signature of both spouses to transfer property.
- Partnerships – Both general and limited partnerships.
- Joint Venture – Created to accomplish a single business venture.
- REIT – Real Estate Investment Trust avoids double taxation of corporation, which holds a variety of real estate.
- Inter Vivos Trust – Created during the lifetime of one individual for the benefit of another.
- Land Trust – Created to conceal the identity of the owner(s). Land is only asset of the trust and the title is conveyed to the trustee
- Bundle of Rights – What you get when you acquire real estate.
- Fee Simple Estate – Highest form of ownership in real property, who has following rights:
- Occupy, rent or mortgage the property
- Sell, dispose of, or transfer ownership of the property.
- Build on the property (or destroy buildings that are already part of the property).
- Mine or extract oil, gas, and minerals.
- Restrict or allow the use of the property to others.
- Leasehold Estate – Gives the holder of the estate a right to occupy the property until the end of the lease when the right will revert to the fee simple holder.
Recent content
Theme by Danetsoft and Danang Probo Sayekti inspired by Maksimer
Recent comments