What is the best way to hold a title to real estate? The wrong
form of ownership can increase legal liability, enlarge your tax
burden and subject an estate to probate. In contrast, choosing the
right form of ownership can reduce red tape while improving a
property's profitability.
Holding Joint Real Estate Title
Although property ownership rules
vary from state to state, some basic principles apply in most
jurisdictions. Below is an overview of some common methods for
jointly holding a real estate title, together with their pros and
cons:
Tenancy in Common (TIC)
— TIC is often employed when two or more owners
take title to real estate. This form of ownership is common where
the co-owners are not married or have contributed different amounts
to the acquisition of the property. One advantage of TIC
arrangements is the ability for each party to own a specific,
unequal share. When one of the owners dies, that owner's share
of the property passes according to the
