Ten Ants in Common
When purchasing a home, a buyer possesses all interests or each owner shares in equal or unequal percentages, while maintaining privileges to all areas. This means that all have the right to use a property in its entirety.
HOME is where the 💟 RESIDES.
Types of home ownership:
Tenancy In Severalty
The description is a little confusing because it is a one person or single corporation ownership. The term "sole and separate" is also used to describe this type of property ownership. It has been commonly referred to as sole ownership.
Tenants in Common
An estate where two or more people have interest in a property. If one owner wants to move on, the interest in the property can be sold to a ready buyer. No right of survivorship, their interest goes to heirs, instead of the other tenant.
This type of ownership involves a right of survivorship, which means that, upon death, the interest in the property passes to the other. Of course, getting paperwork written up by an experienced, practicing attorney is also recommended.
Tenancy By Entirety
This form of ownership is only available to married couples and means the property may not be sold without the agreement of both people. In addition, if one of them dies, all interest in the property reverts to their surviving spouse.
Only available in nine states currently: Arizona, California, Idaho, Louisiana,Nevada, New Mexico, Texas, Washington, and Wisconsin. Joint ownership of all property acquired during a marriage except property acquired by gift or will.
HAPPINESS is BUYING the right H💙ME.