Some common ways that title is held (vesting).
Fee simple estate: (form of freehold ownership)
Fee simple estate (or fee simple absolute) represents absolute ownership of land and property, thus, the owner may do whatever she or he chooses with the land.
For example, if the owner of a fee simple estate dies intestate, the land will transfer to the heirs. Fee simple estate can be summed up as the ultimate possible estate in land, where the owner(s) have the legal right to use, exclusively possess, commit waste upon, dispose of by means of deed or will, and harvest.
Tenancy in common:
Two or more people own the property together; they each own a share of the
income, expenses and value of the property; each individual can sell, lease or
will their own share of the property, and all tenants in common have the right
to occupy the property together.
This is ownership by a single person or corporation. “Sole and separate property”
This type of ownership or “vesting”provides or contains “rights of survivorship”
without having to go through probate. This conveys ownership of the deceased
person(s) property or “estate”to the surviving owner(s) immediately upon the
partner’s death. This is a very common form of vesting for married couples.
This pertains to only persons married to each other or “Community property”.
This means that title will be conveyed to the surviving spouse if there is no
will and refers to all property and debts acquired during marriage and are
shared equally. In the case of a will, either spouse may convey title to
whomever they wish. In this case, the heir or devisee would become a tenant in
common with the surviving spouse. Married couples can receive and/or inherit
property and still keep it separate property. In this scenario, they may not
co-mingle income from separate property with income from community property.
Tenants by the Entirety:
Allows spouses to own property together as a single legal entity.
Under a tenancy by the entirety, creditors of an individual spouse may not attach and sell the
interest of a debtor spouse: only creditors of the couple can attach and sell
the interest in the property owned by tenancy by the entirety.