CHAPTER 3. TYPES OF OWNERSHIP
Owning Real Property Individually
Any legally existing person may own real property. Remember, a person is defined in most laws as individuals AND business organizations, and sometimes even trusts or other types of entities. The phrase natural person is used to distinguish individuals from artificial entities, such as business organizations.
Over the years, laws have changed to allow these artificial entities to own real property. Today, property may be owned by one individual, one company, one trustee, or multiple individuals, companies, or trustees at the same time. Property may be owned in any combination – for example, an individual might own property with a business as the other owner. The requirements and rules for ownership depend on who or what owns the property, and what type of ownership and what type of interest that person owns.
Owning Real Property with Others (Co-Ownership)
Co-ownership is when more than one person owns the same property. It is not like saying “you own the north half and I own the south half” because that statement says that you and I do not own the same property. Co-ownership of property means you share ownership of the same property in some way. Tenants in common, tenants by the entirety, and joint tenants with right of survivorship are examples of co-ownership.