Joint tenancy

Joint tenancy simply refers to a real estate on a land owned by two or even more people. Chiefly it can be distinguished by right of survivorship. For instance, if two people own a land as joint tenants, the moment the other person dies the other survivor becomes the sole owner of the land.

Tenancy by the entirety

Majority of our countries allow husbands and wives to own property as tenants by the entirety. This form of real estate ownership shares similarity with joint tenancy, aside from the fact that it is solely applied to husbands and wives. Tenancy by the entirety is sometimes called the ownership of one person. In the countries that permit tenancy by the entirety, acquisition of a real estate either by husband or wife as joint tenants automatically becomes tenancy by the entirety.

The significance of tenancy by the entirety is neither of the spouse can end the agreement. This means only a joint decision to terminate the tenancy will be effective.  Either the husband or wife cannot sell or lease the real estate without the consent of the other. In the same way one spouse’s creditor cannot seize the individual interest in a real estate because the interest cannot be divided.

Tenancy in common

This is when two or more people hold a property. Usually tenancy in common is when right to possess the real property is present. In this instance the tenants in common do not own part of the real estate. Each and every tenant in common has undivided share in the whole real estate. Therefore, they are individually entitled to occupy the whole property.

A tenant in common may decide to lease, mortgage or sell his undivided interest. And in the event a tenant in common dies his undivided interest is passed onto his heirs not the surviving tenants in common.

Community property

In about ten countries including California, Idaho, Louisiana, New Mexico, Nevada, Texas, Arizona and some others properties acquired during a marriage is referred to as community property. The general theory behind this is that except for certain cases while husband and wife are still married to each other, they have equal interest in the property. Well in this regard just like other theories there are variations in the theory depending on the country.

The major exception to this form of ownership is when the property was inherited. Whatever property is inherited or owned is referred to as separate property. Countries that permit this form of ownership also recognize husband and wife as joints tenants. So, in the situation when one spouse passes on the other automatically owns the whole estate.

Cooperatives

This is yet another popular form of owning a real estate. The cooperative tenant is known as the tenant that owns a share of an entire real property.

Time shares

This is an arrangement where several different people can own the same real estate. In this regard they are entitled to occupy the space exclusively at different times on recurring basis. A typical example is vacation properties. For instance, a couple may go on a vacation to use a cottage or apartment for a specified period of time. At their time of stay they have equal right to the place. Actually, time share resorts have become very popular in recent times.