What are the types of ownerships/rights found on a certificate of title? 1) Sole ownership 2) Joint ownership 3) Tenancy in common 4) Community property

Question

asked Mar 21, 2024 67.3k views

1 Answer

Detay · Answer 1 · 2024-03-28T16:45:12+0000

The types of ownership/rights found on a certificate of title include sole ownership, joint ownership, tenancy in common, and community property.

Sole ownership: This type of ownership occurs when a property or business is owned by one person. The individual has full control and responsibility over the property or business.
Joint ownership: Joint ownership is when two or more individuals own a property or business together. Each person has an equal share and share responsibilities.
Tenancy in common: Tenancy in common is a form of joint ownership where each person has an individual and separate share of the property or business. Unlike joint tenancy, there is no right of survivorship, meaning the share of a deceased owner goes to their estate rather than the other owners.
Community property: Community property is a type of ownership that applies to married couples in some states. It means that both spouses equally own the property or business acquired during the marriage.