Forms of Real Estate Ownership

share holder

a purchaser of stock in the corporation and receives a proprietary lease to the apartment for the life of the corporation

general partnership

all the partners participate in the operation and management of the business and share full liability for business losses and obligations

co-ownership

by two or more individuals may take one of four forms, depending on the state in which the property is locate

limited partnership

consists of one or more general partners, as well as limited partners

tenancy in common (TIC)

each tenant holds an undivided fractional interest and co-owner have unity of possession

separate property

generally is real or personal property that was owned solely by either spouse before the marriage

trust

is a legal arrangement in which property is transferred by the trustor

corporation

is a legal entity an artificial person created under the authority of the laws of the state from which it receives charter

partnership

is an association of two or more persons who carry on a business profit as a co-owner in a general or a limited partnership

ownership in severalty

is ownership by one individual, who may be an artificial person, such as a corporation

community property

laws are based on the idea that spouses rather than merging into one entity, are equal partners in the marriage

partition

legal action that can be brought by one or more of the tenants in common or force division or sale of the property

partition

legal action to force division or sale of the property

limited liability company (LLC)

may be permitted by state law and offers its members the benefits of the limited liability of a corporation, tax advantages and flexible management structure.

right of survivorship

on the death of a joint tenant, that tenant's interest passes to the other joint tenant or tenants

time share

ownership permits multiple purchasers to buy relatively small interest in real estate, typically resort properties

land trust

the beneficiary is also the trustor, but the public record will not identify the beneficiary

condominium

the owner of each unit holds a fee simple title to the unit , also owns an specified share of the undivided interest in the remainder of the building and land called common elements

trustor

the person creating the trust to a trustee, to be held for the identified beneficiary

joint tenancy

there are four unities (PITT) Possession,Interest, time, title

cooperative

title to the land and the building is held by a corporations which sells shares of stock to prospective tenants

tenancy by the entirety

which is available only to spouses and which carries a right of survivorship