HOW WILL YOU OWN YOUR HOME?
TYPES OF OWNERSHIP TYPES
SOLE OWNER – This type of ownership is with one person only.
FORMS OF OWNERSHIP BY MORE THAN ONE PERSON
JOINT TENANTS WITH SURVIVORSHIP - This ownership is available when more than one person takes title. No percentages are specified. At the death of the first owner, the property is then owned by the surviving owner(s).
TENANTS BY THE ENTIRETY – This ownership is available only to purchasers who are married to each other. The property will pass to the surviving spouse at the death of one spouse.
TENANTS IN COMMON - This ownership is available when more than one person takes title to property. Each party may have a specified percentage interest and shares a common interest and right to use as to the whole. Tenants in Common does not provide for survivorship rights.