What are the different types of land ownership?
There are three common types of land ownership: Sole Ownership – either a person or a registered company is the sole owner of the land. Tenancy-in-Common – in this type of ownership there are two or more owners called tenants-in-common. When a tenant-in-common dies, that person’s share in the land goes to his or her estate, not automatically to the other co-owner(s). Joint Tenancy – this type of ownership also involves two or more owners but each owner has the right of survivorship. When one owner dies, that person’s interest automatically passes to the other owner(s). If you wish to become a joint tenant you must specify this on the transfer document; otherwise, you will automatically become a tenant-in-common.
