When it comes to property interests in real estate, there are a variety of different types that can be possessive or non-possessive. Possessive interests include the simple, absolute installment, lifetime inheritance, and tenancy. Non-possessory interests include future interests, easements, profits, and licenses. It's important to understand the type of property interest you have as it dictates the owner's rights. Sole ownership is a simple agreement in which a person has all the ownership interests in a property.
This is an option for single or legally divorced people, as well as married people who want to purchase property separately from their spouse. The advantage of exclusive ownership is that no one else has the right to claim ownership. However, your property may have to go through probate proceedings after your death. Joint tenure occurs when two or more people hold title to the property. This form of ownership is common among married couples and relatives.
With joint tenure, each individual has an equal share in the property and all decisions regarding the property must be made unanimously. Tenancy by the entirety (TBE) is a property option available to married couples. The TBE allows both parties of a married couple to have an equal share in the property. Common tenure is very different from TBE in that there may be two or more parties with ownership interests, but the share in the property may be of unequal amounts. The most complete property interest is represented by a simple fee, a form of ownership of real estate in which the owner has absolute ownership, subject to legal restrictions on use. The owner of the property in an absolute simple installment has the highest property interest recognized by law. A legal interest is generally the strongest real estate interest you can have.
It is the interest most likely to be enforced in a court where a legal dispute will be initiated. A court creates an equitable interest for a person when the legal requirements have not been met, but there is sufficient intention to create one on behalf of both parties. A common investment known as a reverse mortgage is a type of mortgage that allows the seller of real estate to obtain the capital of the property and retain possession until death, in exchange for property interest. Some states favor the rights of those who first register the deed (under a racial law), a state legal scheme that recognizes superior rights in real property to the party that first registers a share in the property. It's important that you fully understand your property interests, as this will protect your rights as a potential owner. If you are unsure of your interests or have any questions, a real estate lawyer can advise you.