How Title Is Held Flashcards
1
Q
Severalty
A
Ownership of real estate exclusively by one owner. A single corporation can own property in severalty (LLC)
2
Q
Tenancy in common (Larry and Me)
A
Multiple owners
Each owner owns their part separately. Their ownership will pass on to their kids or whoever “the estate”. Not on to the other owner.
I can sell my interest at any time without the consent of the other parties.
Married couples must have the consent of both to transfer ownership.
No tenant may transfer the whole ownership.
