Property Ownership
This national topic covers the bundle of rights, the estates in land, and how two or more people can hold title together, including the important right of survivorship.
Bundle of Rights, Fixtures, and Estates
Real property is land, its permanent improvements, and the bundle of legal rights to possess, use, exclude, enjoy, and dispose. A fixture is personal property that has become part of the real estate through permanent attachment; courts weigh method of attachment, adaptation, and intent. Fee simple absolute is the greatest estate, of indefinite duration; a life estate lasts only for a named person's lifetime and then passes to a remainderman or reverts.
Forms of Co-Ownership
Tenancy in common gives each owner a separate, inheritable share that passes to heirs at death. Joint tenancy features equal shares and the right of survivorship, so a deceased owner's interest passes automatically to the surviving joint tenants outside probate. Many states also recognize tenancy by the entirety for married couples. The chosen form controls transfer, survivorship, and creditor rights.