FormsOfRealEstateOnwership Flashcards
One person owns the property and all other interests are severed
Estate in severalty
each person entitled to possession of the whole and that persons share does not pass to other owners unless willed
Tenancy in Common
Business can be conducted ant title to property using your own name is a characteristic of
Sole proprietor
A sole proprietor can use name along with this
Business Name
In a sole proprietorship, property is owned in
Severalty
This is not part of a sole proprietorship
Tenancy in common
Partners that are involved with the business
General partners
Partners that are not involved with the business
Limited Partners
An example of a limited partner
Silent Partner
General partners are liable for
debts
If debts exceed partnership assets then limited partners are
Not liable.
Corporations exist in
Law
Shareholders may be taxed on a corporate level as well as an
individual level
Corporations can receive, hold and transfer to
Real property and may give or hold a mortgage (to secure debt)
Corporations can exist as S corp or a
C corp
Shields personal assets from Liability
LLC
An LLC does not do this
Commingle personal and company assets
With an LLC you may not have file a separate
Tax Return
Organizations with many participants with the common purpose of making a profit from a real estate investment.
Syndicate
Two or more people come together for the single, temporary purpose of buying real estate, improving properties and selling for profit.
Joint Ventures
Title to land and building is held by coproration
Cooperative Ownership
If you purchase a condo
You hold the title to the unit and share the common areas
Another example of cooperative ownership is
Personal Property
These are real property
Condos
Ownership can be transferred similar to other properties in a
Condo
Ownership may follow occupancy agreement and can be approved or disapproved by the board in
Cooperative Ownership
