Staying alert and wise is absolutely crucial since investing in property involves a lot of money. For instance; tax-related issues can rise causing a ton of complications without a warning. Therefore, one should know the types of property owners when it comes to dealing with a property.
- The Sole Ownership – Whenever a property has a single owner, then it is called as sole ownership. In sole ownership, the rights of the property can be transferred from the owner to another individual with help of important documents. The transfer takes place by either the decision of the owner or depending on what is mentioned on the will.
- Joint Tenancy – Whenever a single property has 2 owners, then it is called as joint tenancy. The owner need not necessarily be as a husband and wife. It can also be 2 business partners. However, the transfer of the property is not so simple as seen in sole ownership even if one of the owner dies. For the proper way of transfer, it all depends on the will.
- Common Tenancy – Whenever a property has around 3 owners, then it is called as tenancy in common. Again, the same principle applies as seen in joint tenancy when it comes to transfer of the property between the owners. Whatever is written on the document, the decision is made on that criteria.
These are usually the most common types of property ownership. Dealing with such things is better done by hiring the best property development lawyers.