What type of real estate ownership do I have?

January 31, 2018 | Cecil Harvell

There a several types of real estate ownership in the State of North Carolina.  The most common type of ownership is known as tenants in common. This is when you own a part of a property, but not 100%.  So, if you inherit property with your siblings, or have property with a business partner or friend, then most likely you own a tenants in common interest.  You own a part of the whole.  Even though you own only a part, a most interesting concept of law is that you have rights to the whole of the property.  There is a comprehensive body of law, as one can imagine, as to the rights of a tenants in common land owner.

Another typical type of land ownership is known as Tenants by the Entirety.  This is land ownership only between spouses.  So, if a deed is conveyed to John Doe and Mary Doe, and if at the time, they are married, then by operation of law, the deed is Tenants by the Entirety.  If property is TBE, then creditors of either spouse cannot attach the property.  Also, if either spouse dies, the property vests in the surviving spouse.  TBE property is a highly protected class of ownership in real property, but again can only be held between spouses.

 

Cecil S. Harvell
About the Author
Cecil S. Harvell is AV Martindale-Hubbell Peer Review Rated in the areas of Trusts and Estates, General Practice, and Aged and Aging. Mr. Harvell is a native of Morehead City, North Carolina and was admitted to the Georgia State Bar in 1983 and admitted to the North Carolina State Bar in 1987. Read More
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