The options of how you can hold title depend on the customs and laws of your area. The most common are: joint tenancy with right of survivorship, tenancy by the entireties, tenancy in common, and sole ownership.
Joint tenancy with right of survivorship is considered the best way to hold property for two or more people who may or may not be married or in the same family. Each person holds an undivided interest of the property. All parties in a joint tenancy take title at the same time in the same legal documents. Upon death of one of the co-owners, the deceased owner’s share is given to the remaining owners in equal shares.
Tenancy by the entireties is used strictly for husbands and wives to each hold an undivided share of the property, which cannot be taken by the individual’s creditors. Even in states where this is allowed, many lenders do not want to write a mortgage using this method of title because it may be harder to foreclose on the property if there is a default.
Tenancy in common is holding the title by two or more people in equal or unequal shares. It allows an owner to sell his or her share to another without the permission of the other co-owners. Upon death, the deceased co-owner’s share will pass through his or her will, not necessarily to the other co-owners.
Sole ownership is the way a single person holds the title to his or her own home. In the majority of states, a married person must provide a legal document from his or her spouse that specifically gives up legal right to this property in order to hold property as a sole owner. In community property states any real estate conveyed to a married person during that marriage is deemed to belong to both spouses without certain legal disclaimers.
This is one of those major things that your real estate attorney will be able to advise you about. Only your attorney will know what options are available in your state and which one fits your situation.