1. Modern Real Estate Practice in Illinois
Chapter 8: Forms of Real Estate Ownership

2. © 2008 Dearborn Real Estate Education
Forms of Ownership
Ownership in Severalty
Co-Ownership
Tenancy in Common
No right of survivorship
Joint Tenancy
Right of survivorship
Creating joint tenancies
The four unities
Tenancy by the entirety
Community property
© 2008 Dearborn Real Estate Education

3. © 2008 Dearborn Real Estate Education
Trusts
Living and testamentary trusts
Land trusts
Real estate investment trusts
© 2008 Dearborn Real Estate Education

4. Ownership of Real Estate by Business Organizations
Partnerships
General partnerships
Limited partnerships
Corporations
S Corporation
Syndicates and Joint Ventures
Limited Liability Companies (LLCs)
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5. Condominiums, Cooperatives, and Time-Shares
Condominium Ownership
The owner of each unit holds a fee simple title to the unit and a specified share of the undivided interest in the common elements as a tenant in common
Creation of a condominium
Operation and administration
Assessments
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6. Condominiums, Cooperatives, and Time-Shares
Cooperative Ownership
A corporation holds title to the land and building and offers shares of stock to prospective tenants
Operation and management
Advantages
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7. Condominiums, Cooperative, and Time-Shares
Time-share Ownership
Permits multiple purchasers to buy interests in real estate, usually a resort property. Each purchaser receives the right to use the facilities for a certain period of time.
Time-share estate
Time-share use
Membership camping
© 2008 Dearborn Real Estate Education