Photo Scanner: Property Ownership

Friday, 9 November 2012

Property Ownership

There are several common forms of property ownership, also known as owning title to real property. Property ownership can be held in the form of sole ownership, or it can be a co-ownership. In the case of co-ownership, there are different ways the property can be held. The form of co-ownership will determine who will own title to, or inherit the property, should one person die. It can be a spouse, a joint tenant or an heir. Sole ownership is the situation in which one individual or one entity is the sole owner of the property. It can be owned outright by an individual who has not been legally married and has not registered a domestic partner. The property can also be owned by an unmarried woman or man who is legally divorced. In the case of a married woman, a married man, or a registered domestic partner wanting to be the sole owner of the property, the title company insuring title might require the excluded spouse to relinquish the right, title and interest to the property through a recorded quitclaim deed or other recorded instrument.