Title Search Terminology - HOW TITLE IS HELD

Some common ways that real estate title is held (also know as vesting).



Tenancy in common: 

Two or more people own the property together; they each own a share of the income, expenses and value of the property; each individual can sell, lease or will their own share of the property, and all tenants in common have the right to occupy the property together. Severalty: This is ownership by a single person or corporation. "Sole and separate property" 


 Joint tenancy:

 This type of ownership or “vesting”provides or contains "rights of survivorship" without having to go through probate. This conveys ownership of the deceased person(s) property or “estate”to the surviving owner(s) immediately upon the partner’s death. This is a very common form of vesting for married couples. 


 Community property: 

This pertains to only persons married to each other or "Community property".
This means that title will be conveyed to the surviving spouse if there is no
will and refers to all property and debts acquired during marriage and are
shared equally. In the case of a will, either spouse may convey title to
whomever they wish. In this case, the heir or devisee would become a tenant in
common with the surviving spouse. Married couples can receive and/or inherit
property and still keep it separate property. In this scenario, they may not
co-mingle income from separate property with income from community property.


Tenants by the Entirety:

Allows spouses to own property together as a single legal


Fee simple:

A parties interest in property, real estate and land.  Property and land owned in a fee simple state, is owned entirely and completely without any conditions and/or limitations. This type of said "unlimited" estate is also referred to as "absolute title".  Fee simple is typically created when a vesting deed conveys and transfers the real estate, property or land with no conditions or limitations and is usually using the verbiage "to Jane and John Doe, and heirs".

Under a tenancy by the entirety, creditors of an individual spouse may not attach and sell the
interest of a debtor spouse: only creditors of the couple can attach and sell
the interest in the property owned by tenancy by the entirety.






https://www.UsTitleRecords.org

https://www.UsTitleRecords.com


Real Estate Title Search Services