Guide when Choosing a Property Title Property law describes the various ways individuals and multiple parties, such as a married couple, can hold title to a property. Here are the most common types of ownership titles you will find regarding property. Sole Ownership — This is the most common form of title. Sole ownership means there is one person who owns 100% of the home. One member of a married couple can hold this title if the non-owning spouse signs a quit claim deed, which voids that person’s right to the property. Joint Tenancy (also called joint tenancy with right of survivorship) — When two or more people hold title to a property, it’s called joint tenancy, which is common between husband and wife. Each person on title has equal rights to the property. In the case of a title owner’s death, ownership transfers in equal parts to the other people named on the title. The passing of property typically avoids probate in this circumstance. Tenancy in Common — Under this title, multiple parties hold equal or unequal portions (or shares) of a property. Any combination of ownership percentage is acceptable and any owner can individually sell or give away his or her portion of the property at any time. Tenants in common have no right of survivorship so when an owner dies, that portion of the property is part of the deceased’s estate. Tenancy by the Entirety — This is a special form of joint tenancy offered in only a few states. It’s exclusive for married couples and says spouses hold title together and all decisions made about the property must be jointly determined. Like joint tenancy, a death typically causes property to pass to the surviving spouse without probate. One of the benefits of this title is the ability to guard the property from creditors if one spouse has a large debt. Please note that laws can vary from region to region, so the above should be used only as a general guide. The above content is for informational purposes only and should not be used as a substitute for consultation with a legal advisor.