Property Ownership and Tenancy Types

Property ownership and tenancy types define how people hold rights to real estate.

Estate for Years

Has a clear start date and end date. It does not renew by itself. It ends automatically when the time runs out.

Periodic Tenancy

Renews automatically for another set period (like month-to-month or week-to-week) until one side gives notice to stop it.

Tenancy at Will

Lasts as long as both the owner and tenant agree. It has no set time limit and can end at any time with proper notice.

Tenancy at Sufferance

Happens when a tenant stays past the end of their legal lease without the owner's permission.

Estate in Severalty

Owned by just one person or single legal entity. All rights and responsibilities belong to that single owner.

Co-Ownership

Shared ownership by two or more people at the same time.

Tenancy in Common

Two or more people share ownership. Owners can hold unequal shares. If one owner dies, their share goes to their heirs, not the other owners.

Joint Tenancy with Right of Survivorship

Two or more people share equal ownership. If one owner dies, their share automatically goes to the surviving owners.

Tenancy by the Entirety

Special joint ownership for married couples. Neither spouse can sell or change the property without the other's consent. If one dies, the other gets full ownership.

Life Estate

Grants ownership or use of a property only for the duration of a specific person's life. When that person dies, the property goes to a named remainder person or back to the original owner.