| SOLE OWNERSHIP (Sole Tenancy) |
- In this form, a single individual holds the title to the property.
- Provides full control and decision-making authority.
- Upon the owner’s passing, the property passes through their estate.
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| JOINT TENANCY |
- Involves two or more individuals sharing ownership equally.
- Joint tenants offer the right of survivorship, meaning if one owner passes away, their share automatically transfers to the surviving owner(s).
- Requires unity of time, title, interest, and possession among co-owners.
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| TENANCY IN COMMON |
- Allows multiple individuals to hold equal or unequal interest of the property.
- Each co-owner can sell, transfer, or mortgage their equal or unequal interest without the consent of others.
- No right of survivorship – each owner’s equal or unequal interest passes to their heirs or as directed in their will.
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| COMMUNITY PROPERTY |
- Applicable in certain states, designating property acquired during marriage as jointly owned by both spouses.
- Each spouse has an equal and undivided interest in the property.
- In case of divorce or death, the property is typically divided equally between spouses.
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| PARTNERSHIP/LLC (Limited Liability Company) |
- Suitable for multiple owners seeking limited liability protection.
- Owners are members of the LLC, and their ownership interest is represented by membership units.
- Provides flexibility in management structure and distribution of profits.
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