What are the different ways to hold title to property?

  • by Penn Henderson
  • 5 months ago
  • 1
What are the different ways to hold title to property in Hawaii?

Joint Tenancy – where two, or more persons have the same interest, commences the same time, by the same conveyance and held by the same possession. Allows the right of survivorship where the surviving joint tenant assumes the interest of the deceased tenant.

Tenancy in Common – where two, or more persons have undivided interest, equal or unequal. Each tenant is entitled to their proportionate share of undivided possession of the property and is subject to the other tenants rights of possession. The tenants are able to sell their interest without the consent of the other tenants. No rights of survivorship.

Tenancy in Severalty – only one person has total interest in the property, severed from all others. Generally used by corporations. Upon the death of the owner, property goes to probate and passes to its heirs or devisee. Also known as Several Tenancy or Sole Tenancy.

Tenants by the Entirety – available only to a husband and wife where each has an equal, undivided interest. Neither spouse can convey or partition their interest without the others consent. Only severed by divorce, joint conveyance, or mutual agreement. Upon a death, the surviving spouse succeeds to the entire property without the need for probate.

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Contact Penn Henderson - Kona Realtor in Hawaii
MAHALO FOR DROPPING BY!
Big Island Real Estate - Kona, Hawaii

WOULD YOU LIKE ME TO HELP WITH YOUR SEARCH?

I excel at locating ideal Big Island properties specific to your needs and unique lifestyle.

100% Hustle.

No Gimmicks. No Hassles. No Fees.

Just a Few Questions (3-Minutes)