Property Ownership
Property ownership covers the rights an owner holds in real property and the ways title can be held. Understanding estates and co-ownership forms is foundational to every transaction.
The Bundle of Rights
Ownership of real property is often described as a bundle of rights: the right to possess, control, use and enjoy, exclude others, and dispose of the property. These rights can be separated and conveyed individually, such as leasing possession while retaining ownership. All rights remain subject to government powers like taxation and zoning.
Forms of Co-Ownership
Property may be owned in severalty (one owner) or concurrently by multiple owners. Joint tenancy includes the right of survivorship, while tenancy in common does not and allows unequal shares. Illinois also recognizes tenancy by the entirety for married couples on a homestead, offering creditor protection.
Estates in Land
A freehold estate, such as fee simple absolute, gives ownership of indefinite duration. A life estate lasts for the life of a named person, after which the property passes to a remainderman or reverts to the grantor. Less-than-freehold (leasehold) estates give possession without ownership.