4.1 Sole Ownership
Ownership: Sole Ownership
There are many ways to hold ownership of a freehold estate, depending on how many parties are involved and how ownership is shared. The main distinction is between ownership by a single party and ownership by multiple parties.
Sole ownership (also called tenancy in severalty, ownership in severalty, or estate in severalty) occurs when a single party owns the fee or life estate. This means one person holds all the rights to the property.
If the sole owner is married, state laws may require that the spouse’s homestead, dower, or elective share rights be released to allow for clear ownership. When a sole owner dies, the estate passes to heirs through probate.
All Mine
Choose the best answer for each question, then select Check Answers.
What is another term for sole ownership of real estate?
Sole ownership is also called tenancy in severalty.
When a sole owner dies, how is the estate typically transferred?
The estate of a deceased sole owner passes to heirs by probate.
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