Many homes have more than one person on the title to the property. Confusion often arises over what it means to co-own a piece or property, and the implications that it can have in the future. Spouses may own a property together with the objective of having it pass automatically to one of them if the other dies or parents may put their children on the title to the parent’s home in contemplation of avoiding probate fees.
The terminology in this area of law can become confusing. The general term for two or more people owning property together is “co-ownership”, and each person who has their name on the title to the property is a “co-owner”. Co-ownership of property also involves the terms “tenancy” and “tenant”, but in this case these terms have nothing to do with landlord and tenant law or leases. There are two main legal forms in which people can co-own a piece of real estate.