Type of title matters, especially if owner
dies or wants to sell

There's more than one way to hold title to real estate, and each has advantages and disadvantages when it comes time to sell a property or handle an owner's estate. These are the four most common forms of ownership.

Sole ownership. One person owns the whole property.

Joint tenancy. When two or more people own property this way and one owner dies, the other owners automatically own the deceased owner's share.

Tenancy in common.Two or more people own property together but can leave their share to beneficiaries of their choosing when they die, instead of it automatically going to the other owners.

Tenancy by the entirety.Similar to joint tenancy, but only for married couples. When one spouse dies, the surviving spouse automatically gets title to the property. The advantage is that it provides some protection from creditors on debts that aren't jointly held. This is not an option in Texas and some other states.