There are several types of ownership, including the following:
Sole. If only one person is on title of property, this is referred to as sole ownership.
Joint. Two people who own a property together are part of what’s known as joint ownership. which is a common scenario among married or common-law spouses.
Tenants in common. This arrangement involves two or more people sharing ownership rights in a property. When a tenant in common passes away, the property is passed on to that tenant’s estate. Each independent owner may have an equal or different share in the property.
Tenancy by entirety. This is a type of ownership whereby each spouse owns an undivided interest in the property. When one spouse dies, the surviving spouse holds the title.
Rights of survivorship. This is a legal arrangement whereby two or more people jointly own an asset, and when one of the individuals passes away, the property automatically transfers to the remaining joint owner.