Fee Simple
The most common form of ownership, when a
homeowner purchases a home, is the fee simple absolute. The holder of a
title in fee simple has full possessory rights now and in the future for
an infinite duration. There are no limitations on its inheritability.
The holder of the estate can sell the entire estate or any part of it
and dispose of it by will at time of death. When a condominium or
townhouse is purchased, the owner typically purchases the residential
unit in fee simple and obtains the right to use the common areas. Each
unit has its own tax bill, deed, mortgage and ownership rights but
shares in the maintenance of the common areas.
Joint Tenancy with Right of Survivorship
In
this type of title each owner holds an undivided share of the estate.
There is a right of survivorship which means on the death of one joint
owner, the surviving owner or owners retain an undivided right to the
entire estate, which is not subject to the rights of the heirs of the
deceased co-owner.
Tenancy in Common
In a title held as
a tenancy in common, each owner has an undivided interest in the entire
property. Each tenant has the right to possession of the whole
property. There is no right of survivorship. Each tenant has a distinct
proportionate interest in the property, which passes by succession.
There is a presumption that a conveyance to two or more persons is a
tenancy in common.
Tenancy in the Entirety
This is a
marital estate, which can only be created between a husband and wife. It
is similar to a joint tenancy except that the right of survivorship
cannot be destroyed, since severance by one tenant is not possible. An
existing marriage is requisite for a tenancy by the entirety. In many
states there is a presumption that a tenancy by the entirety is created
in any conveyance to a husband and wife. This type of title is
considered somewhat archaic and the majority of states have abolished
this type of tenancy, favoring instead that the couple take title to the
property as joint tenants with right of survivorship
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