🏡 Ways to Own Your Home: Understanding Different Types of Property Ownership

When you buy a home, how the title is held matters as much as the price. The type of property ownership affects inheritance, taxes, and your rights if the home is sold. Here’s an overview of the main ways to own property in real estate.

👤 Sole Ownership

The simplest form—one person holds full title to the property. The owner can sell, refinance, or transfer it without consent from anyone else. If the owner passes away, the home goes through probate unless a will or trust says otherwise.

🤝 Joint Tenancy

Two or more people own equal shares, and when one passes away, their share automatically transfers to the surviving owner(s). This right of survivorship avoids probate, making it a popular option for married couples.

🏠 Tenancy in Common

Each owner holds a specific percentage of the property, which doesn’t have to be equal. When one owner dies, their share passes to their heirs, not automatically to the others. It’s common among investment partners or family co-owners.

💍 Community Property

In certain states, property acquired during marriage is considered owned equally by both spouses. Upon the death of one spouse, half generally transfers to the surviving partner. Applies in states such as California, Texas, and Arizona.

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