Real Estate Principles

Ninth Edition

Real Estate:
An Introduction to the Profession
Ninth Edition

By Charles J. Jacobus
South-Western Publishing©2002

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 Chapter 4
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Forms of Ownership

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 One or More?

• Sole ownership
• Tenants in common
• Joint tenancy
• Community property
• Partnership
• Corporation

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Tenants in Common
One parcel of land;
Three owners with unity of possession

A B C
What happens if C dies?

A B C’s heirs

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Joint Tenancy with Right of Survivorship
A B C
One parcel of land;
Three owners, four unities (PITT):
Possession, Interest, Time, Title

C
If C dies?

A B

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 Married Persons

• Tenancy by the Entirety

• Community Property
• Separate Property

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 Holding Title

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 Additional Ownership Forms

• S Corporations
• Trusts
– Inter Vivos Trust
– Testamentary Trust
• Limited Liability Companies (LLC)

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 Key Terms
• Concurrent ownership • Limited partnership
• Estate in severalty • Right of survivorship
• Joint tenancy • Tenancy by the entirety
• Limited Liability • Tenants in common
Company (LLC) • Undivided interest

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