This article will help give an overview of the ways borrowers can hold real estate titles for their primary residence and investment property.
- Joint Tenancy with Right of Survivorship - Shared ownership of the property where a surviving member of this shared property will legally inherit the total value of the member's property - also known as Title
- Life Estate - Ownership under a life estate deed allows the Life Tenant to transfer the property at death to the future beneficiary with no risk of losing the ability to use the property throughout their life.
- Sole Ownership - Property ownership for a single individual who holds the legal title to the real estate.
- Tenancy by Entirety - Ownership for legally married owners of real estate. This ownership method binds the couple as one party and will serve to easily transfer the legal title of the property to the other spouse if in the event one of them dies.
- Tenancy in Common - Property Ownership for two or more persons holding the title to the real estate property jointly. This allows owners to be willed to other parties and provides an easy transfer of ownership of the title after all liens on the property are cleared.
- To Be Decided in Escrow - Property ownership that is legally transferred after predetermined conditions are met in the loan process / real estate transaction.
- Other - This highlights other forms of ownership and holds on a real estate property title. A few examples include the following: Community Property, Trust ownership, Corporation ownership, Partnership ownership.