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Q.What are some of the common forms of property ownership?
A.The manner in which title to property is held depends on many factors including: (1) whether you are a single or married, (2) buying alone or with others, and (3) whether the property will be a primary residence or income / investment property.
If you are single, unmarried, and the only buyer title will probably take one of the three following forms: (1) sole owner, (2) trustee of a trust, or as (3) sole member of a single member limited liability company (LLC) to hold real estate. The first two methods of holding title are appropriate for a residence or vacation home. The single member LLC is most appropriate if the property will be a rental.
If you are married, or buying with one or more individuals, you may choose to hold title as follows:
- In A Trust
- In A Limited Liability Company
- As Tenants In Common
- As Joint Tenants With The Right To Survivorship
- As Tenancy In The Entirety Or As Community Property With The Right To Survivorship; Or
- As Community Property (if the property is located in a community property state)
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