What type of Ownership should you have when purchasing you property?
Well, That may depends on what State your purchasing a home in. However just what does the words real estate mean.
The word real means relating to a thing (from Latin res, matter or thing), as distinguished from a person. The law broadly distinguishes between real property (land and anything affixed to it) and personal property which is everything else. The difference was between immovable property, which would transfer title along with the land, and movable property, in with which you can retain title.
In more todays systems and coming from English law, classification of property as real or personal may vary according to jurisdiction or, even within jurisdictions, according to purpose, as in defining whether and how the property may be taxed..
In joint tenancy (marriage is sometimes called tenancy of the entirety) the surviving tenant (or tenants) become the sole owner of an estate. With nothing passing to the heirs of the deceased tenant. In some instances "with right of survivorship" must be used or the tenancy may assumed to be tenants in common.
Tenants in common may recieve a portion of the estate in proportion to their interest which is presumed to be equal amongst tenants unless otherwise stated in the transfer deed. Such as 33.3 % or 50/50. Real property may not only be owned it may be leased in which the possession of the property is given to the tenant for a limited period of time.
Other ownership interests include:
- Fee simple is the most common interest or right in real estate and provides the owner the right to use the real estate for any lawful purpose and sell the interest when and to whom the owner wishes.
- Life estate: An interest in which is granted to a life tenant until that person dies. During the life estate, the life tenant has the right to use the real estate for any lawful purpose. The interest terminates upon the death of the life tenant
- Estate for years term is a specified number of years.
- Leasehold: The right to possess and use real estate for the terms of a lease.
- Reversion: The right to possess the fee interest in real estate after the expiration of a life estate, estate for years, or leasehold.
- Concurrent or co-tenancy: The ownership of an interest in real property by more than one person. Rights may be limited in various ways depending on the jurisdiction and type of concurrency.