Buying  Alone

Sole  Ownership A single individual who has not been legally married. An unmarried individual who was married and is now legally divorced. A married individual who wishes to acquire title in his or her name alone. At the time of closing, the spouse of the buyer will be required to specifically disclaim or relinquish his or her right, title and interest to the property.

Living  Trust A living trust is created while an individual is alive and gives the individual control of the distribution of his or her estate. The individual transfers ownership of his or her property and assets into the trust.

Buying  with  Others

Tenancy  in  Common Enables each partner in the property to sell, lease or will to his/her heirs that share of the property belonging to him/her.   Who can take title?  Ownership Division  Any number of individuals.  Any number of interests, equal or unequal.  Who holds title?  Possession  A separate legal title to his undivided interest is held by each co- owner.  Equal right of possession.

Joint  Tenancy Property owned by multiple individuals where if one of the owners dies, the remaining owners acquire the share of the deceased owner automatically.  Who can take title?  Ownership Division  Any number of individuals.  Interests cannot be divided.  Who holds title?  Possession  There is only one title to the whole property.                                          Equal right of possession.

Community Property Property owned equally between a husband and wife. Each must sign all agreements and documents of transfer.  Who can take title?  Ownership Division  Only a husband and wife.  Interests are equal.  Who holds title?  Possession  Similar to title being in a partnership, title is held in "community."       Equal right of possession.

Additional  Ways  to  Hold  Title

A  Corporation A corporation is a legal entity, created under state law, consisting of one or more shareholders but regarded under law as having essentially the same as those of an individual. The entity has continuous existence until it is dissolved according to legal procedures. Land owned by a corporation cannot be attached for personal debts or judgments rendered against any of its shareholders. A  Partnership A partnership is an association of two or more persons who can carry on business for profit. A partnership may hold title to real property in the name of the partnership with partners having an equal or an unequal interest in the property. A  Trust A trust is an arrangement whereby legal title to property is transferred by the grantor (or trustor) to a person called a trustee, to be held and managed by that person for the benefit of the people specified in the trust agreement, called beneficiaries.