Since a lot of investment is involved in investing in a property, it is always important to stay alert and wise. That’s because, a lot of complications can come up without any warning such as the likes of tax related issue. Therefore, it is important to know the different types of property ownership involved in related to a property.
- Sole Ownership – A property comprising of a single owner is what defines sole ownership. In such type of ownership, the property rights can be transferred from one individual to another with the set of documents and forms. For example; when the owner of a property dies, then the rights can be transferred to another person depending on the name mentioned on the will.
- Joint Tenancy –Any property comprising of 2 owners is called as joint tenancy. The owners of such a property may be in the form of husband and wife or even 2 business partners. This type of ownership is different when compared to sole ownership where the ownership of the property cannot be transferred in case one of the 2 passes away. In such kind of a scenario, it depends on the criteria mentioned on the will.
- Tenancy in Common –Any property comprising of more than 2 owners is called as tenancy in common. For example; a property comprising of 3 owners where one passes away, then the other 2 owners do not get the ownership of the property. It depends on the information mentioned on the document.
If you find in such kind of a scenario, then make sure to hire the best property development lawyers.