What are the forms of ownership of real estate and how does the form of ownership affect transferability?
(a) Sole Owner: This is the simplest way to hold title. One person is the sole owner of the property, and may sell or transfer it freely during his or her lifetime. Upon the owner’s death, probate proceedings in the jurisdiction where the deceased resided must be instituted. The property will then be transferred under the terms of the Last Will and Testament. If an owner dies without a Will, laws called Intestate laws generally determine who will receive ownership of the property. (b) Tenants in Common: Tenancy in common is co-ownership between two or more individuals, where each owner owns a separate and undivided interest in the property. In a co-tenant situation, each co-owner can (theoretically) sell or transfer his or her fractional interest any time. Marketable is severely limited by non-exclusive ownership. When one tenant dies, his or her interest in the real estate does not pass automatically to the other tenant or tenants, that is, there is no right of survivorship. Issues in
