Property Ownership
This national topic covers the bundle of rights, fixtures versus personal property, the estates in land, and the ways title can be co-owned.
Real Property, Fixtures, and Estates
Real property includes land, permanent improvements, fixtures, and the bundle of rights to possess, use, exclude, enjoy, and dispose. A fixture is personal property that has become real property through permanent attachment; tests include method of attachment, adaptation, and intent. Fee simple absolute is the greatest estate; a life estate lasts for a named person's life. Trade fixtures installed by a business tenant generally remain the tenant's personal property.
Co-Ownership
Tenancy in common gives each owner a separate, inheritable share. Joint tenancy carries the right of survivorship, so a deceased owner's share passes automatically to the survivors. Many states recognize community property for married couples and tenancy by the entirety. The form of ownership determines how a share transfers at death and how creditors may reach it.