Real Estate PrinciplesTenth Edition

Real Estate:

An Introduction to the ProfessionTenth Edition

Chapter 4

Forms of Ownership______________________

One or More?

Sole ownershipTenants in commonJoint tenancyCommunity propertyPartnershipCorporation

Tenants in Common

AA BB CC

AA BB C’s heirsC’s heirs

One parcel of land;Three owners with unity of possession

What happens if C dies?

AA

CC

Joint Tenancy with Right of Survivorship

AA BB CC

One parcel of land;Three owners, four unities (PITT):

Possession, Interest, Time, Title

If C dies?

BB

Married Persons

Tenancy by the EntiretyCommunity PropertySeparate Property

Holding Title

Additional Ownership Forms

S CorporationsTrusts

Inter Vivos TrustTestamentary Trust

Limited Liability Companies (LLC)

Key Terms

Concurrent ownership

Estate in severalty Joint tenancy Limited Liability

Company (LLC)

Limited partnership Right of survivorship Tenancy by the

entirety Tenants in common Undivided interest