Different Ways to Hold Title to Your Home

1. Sole Ownership:

This is when only one person owns the home. It’s straightforward—just like having a toy that only you can decide what to do with. If you buy a house and put only your name on the deed, you’re the sole owner.

2. Joint Tenancy:

Imagine you and some friends buy a toy together. You all own it equally, and if one friend leaves or doesn’t want it anymore, the rest of you still own the toy together. This is how joint tenancy works. Everyone owns the property equally, and there’s a rule called “right of survivorship,” which means if one owner dies, their share automatically goes to the remaining owners.

3. Tenancy in Common:

This is similar to joint tenancy because it involves sharing the property with others. But here, each person can own a different percentage (like you owning 60% of a toy and your friend 40%), and there is no right of survivorship. When one owner dies, their share can be left to someone else in their will.

4. Tenancy by the Entirety:

This is a special way for married couples to own their home. It works a lot like joint tenancy, but it’s only for married couples. Both have equal ownership, and there’s right of survivorship. Also, neither person can sell the house without the other’s agreement.

5. Community Property:

This is used mostly in some states where the law sees property acquired during marriage as equally owned by both spouses, regardless of whose name is on the deed. When one spouse dies, their share of the property goes to the surviving spouse unless stated otherwise in a will.