Property ownership involves many documents and especially a lot of money. Since money is involved, it is absolutely crucial to be aware and alert at all times. Moreover, you also need to know the various types of property ownership as it can be confusing for a few. Let’s focus on some of the different types of property ownership.
- Sole Ownership – A property comprising of just one owner is called as sole ownership. Sole ownership involves transferring the rights of the property from one person to another depending on the information mentioned on the will. For instance; if an owner dies, the name of the person mentioned on the will by the owner will become the owner.
- Joint Tenancy – As the name suggests, where there are 2 owners of a property, it is called joint tenancy. The owners of the property need not necessarily mean that it needs to be in the form of a husband and wife. Even 2 business partners can own a property. However, the rights of the property are not transferred from one partner to another. For such a matter to be resolved, the will is taken into consideration.
- Common Tenancy –A property comprising of more than 2 owners is called as a common tenancy. When it comes to the transferring of the rights, this is more complicated. The will be first considered by the judge and only then, the transferring process will undergo.
If you have such type of a matter to be resolved, it is best to hire the best property development lawyers. This is because these types of matters become complicated.