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Chapter 4: Forms of Ownership

Forms of Ownership

Sole ownershipTenants in commonJoint tenancyCommunity propertyPartnershipCorporation

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Concurrent Ownership by States

Tenants in Common

One parcel of land;Three owners with unity of possession

What happens if C dies?

C’s heirs

AA BB CC

AA BB

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Joint Tenancy with Right of Survivorship

One parcel of land;Three owners, four unities (PITT):

Possession, Interest, Time, Title If C dies?

C

AA BB CC

AA BB© OnCourse Learning

Married Persons

Tenancy by the EntiretyCommunity PropertySeparate Property

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Holding Title

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Additional Ownership Forms

S CorporationsTrusts

Inter Vivos TrustTestamentary Trust

Limited Liability Companies (LLC)

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Key Terms

Concurrent ownership Estate in severalty Joint tenancy Limited liability company Limited partnership

Partnership Right of survivorship Tenancy by the entirety Tenants in common Undivided interest

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