Forms of Real Estate Ownership

Forms of Ownership Ownership in Severalty Co-ownership Tenancy in common Owners have unity of possession Joint tenancy Owners have unity of possession, interest, time, and title See the book for details Tenancy by the entirety – exclusively for married couples Community property – see book for details Ownership in Severalty Co-ownership Tenancy in common Owners have unity of possession Joint tenancy Owners have unity of possession, interest, time, and title See the book for details Tenancy by the entirety – exclusively for married couples Community property – see book for details

Ownership by Trust Trustor Trustee Beneficiary Living and testamentary trusts Land trust Trustor Trustee Beneficiary Living and testamentary trusts Land trust

Ownership of Real Estate by Business Organizations Partnerships general vs. limited partners Corporation Syndicates and joint ventures LLC – Limited liability corporation Partnerships general vs. limited partners Corporation Syndicates and joint ventures LLC – Limited liability corporation

Condominiums, Cooperatives, and Time-Shares Condo – individual ownership of a unit and common ownership of common elements homeowners association Cooperative – corporation owns real estate and tenants own stock Time share – own rights to use unit for a specific time each year. Condo – individual ownership of a unit and common ownership of common elements homeowners association Cooperative – corporation owns real estate and tenants own stock Time share – own rights to use unit for a specific time each year.