The interest percentage simply determines the financial ownership of the real estate. All land and fixed (immovable) structures, such as an apartment or home, are considered real property. : 1)deed of absolue sale 2)acknowledgement receipt issued by the seller 3)OR issued by the lawyer who made the legal docs 4) original title (owner’s copy) 5) ctc-blue copy of the title ,make sure to cancel the encumbrances (if there is). The downside is that any financing or use of the property for financial gain must be approved by all parties and cannot be transferred by will to an external party after one passes, as it automatically goes to the surviving owner. Unless specific legal documentation, such as a will, exists, the transfer of ownership upon death can become very problematic. The right of survivorship is an important characteristic of a joint tenancy because it means that when a joint tenant dies, his or her interest in the land automatically goes to the surviving joint tenant(s). Tenants need to receive each of their interests at the same time and through the same way, and they need to own the land in equal shares with the right to possess the entire property. With tenancy in common (TIC), two or more persons hold title to real estate jointly, with equal or unequal percentages of ownership. The main advantage of holding the title as a sole owner is the ease with which transactions can be accomplished because no other party needs to be consulted to authorize the transaction. Property is titled according to one of three basic concepts: sole ownership, joint ownership, or title by contract. Unit title ownership also referred to as a 'strata title' or 'stratum estate' is most common in a building where there are multiple owners. Titles can be issued to depict ownership of both personal and real property. Joint property is any property held in the name of two or more parties. The intent to create a joint tenancy must be clear, since it is usually not considered to be the default tenancy. Also, joint tenants usually need to own the land in equal shares, and like a tenancy in common, each joint tenant has the right to possess the entire property. Title refers to a document that lists the legal owner of a piece of property. Try the new service if you just want to know what the current owner paid for the property. A title can represent ownership of a real or physical asset or intangible property. The attorneys at Patriots Law Group have extensive experience in real estate litigation. Sarah, for example, could have a 40% interest in a property while Bob has a 60% interest. In a state where marriage is required for property to be held as a tenancy by the entirety, such as Maryland, a divorce will end the tenancy because the tenants are no longer married and the tenancy by the entirety can only be between spouses. A co-ownership agreement can set the conditions for the purchase of a piece of property. Although the above types of property ownership tend to be the most common, each state has its own laws regarding property ownership, so there are variations to the requirements and implications mentioned above. By default, all co-owners own equal shares, but their interests may differ in size." If one of the owners passes away, the remaining owners absorb that person’s interest. Ownership can be willed to other parties, and in the event of death, ownership will transfer to that owner's heirs undivided. Nevada State Legislature. Types of Joint Land Ownership. Other, less common types of property ownership are corporate ownership, partnership ownership, and trust ownership. Each owner has the right to occupy and use the entire property. "CHAPTER 111 - ESTATES IN PROPERTY; CONVEYANCING AND RECORDING." This kind of title also makes purchases much easier. 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