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One of the many decisions buyers have to make when purchasing a home is the way in which they want to hold title.  There are many options available and each option differs in regard to the division of interest in the property and the way in which the property is conveyed.  Here are the most common ways to take title:

Sole Proprietorship:  One person takes title.  The owner may sell the or will the property as he or she chooses.  All decisions are made by a single person in regard to the disposition of the property.

Community Property:  Title can only be held by a husband and wife only.  Each owns an equal share.  Both manage and both must consent to a sale.  Each may will his/her share to heirs.  If there are no heirs, upon death, the share of the decedent passes to the surviving spouse.

Joint Tenancy:  Any number of persons can hold title.  Title can be between husband and wife or any number of individuals; corporations are excluded.  All persons have equal and undivided interest.  Upon death, the share of the decedent passes to those remaining on title.

Tenancy in Common:  Any number of persons or corporations can hold title.  The shares can be equal or unequal.  An individual share may be conveyed separately through a sale or through death.  A new heir or purchaser will become a tenant in common with other existing owners.

Partnerships:  Any number of persons or corporations may hold title.  There must be at least two.  A share may be sold or conveyed with the consent of all parties.  An heir or new owner will become a partner with those already holding title.

Trust:  Title is held by a trustee.  Interest in the property may be held by an individual, corporation, group or partnership.  Disposition of shares are stipulated by the terms of the trust.  Each interest may be conveyed or willed to heirs separately according to the terms of the trust.