Forms of Ownership

Sole ownership (Severalty): One person owns the property entirely.

Tenancy in Common:

Two or more owners, each with divisible interest

Unequal shares allowed

No right of survivorship — share passes to heirs, not co-owners

Any owner can sell their share without consent of others

Joint Tenancy:

Two or more owners with equal shares

Right of survivorship — if one owner dies, their share passes to surviving owners automatically

Requires the 4 unities: Time, Title, Interest, Possession (TTIP)

Tenancy by the Entirety:

Available only to married couples

Right of survivorship

Neither spouse can sell without the other's consent

Protection from individual creditors

Community Property:

Available in 9 states (AZ, CA, ID, LA, NV, NM, TX, WA, WI)

Property acquired during marriage owned equally by both spouses

Reference:

Wikipedia: Concurrent Estate

https://en.wikipedia.org/wiki/Concurrent_estate