Ownership Title

Ownership & Title — Texas Real Estate ## Forms of Ownership ### Sole Ownership (Severalty) One person or legal entity holds title alone. All rights reside with the single owner; no co-owner consent required for any transaction. ### Tenancy in Common - Two or more owners each hold an undivided interest in the whole property - Interests may be unequal (e.g., 70/30 split) - Each owner may freely transfer their interest without consent of others - No right of survivorship — a deceased owner's share passes to their heirs or devisees, not to surviving co-owners - Default form when two or more people acquire title without specifying another form ### Joint Tenancy with Right of Survivorship (JTWROS) - Requires the Four Unities: Time, Title, Interest, Possession (all equal, all acquired together) - Right of survivorship: A deceased joint tenant's share automatically passes to surviving joint tenants — bypasses probate - Must be expressly created in Texas; the deed must state "as joint tenants with right of survivorship" or similar language - Any joint tenant can sever their interest by conveying it; the new owner takes as tenant in common ### Community Property Texas is a community property state. Property acquired during marriage is presumed to be community property owned equally by both spouses. | Property Type | Definition | |---|---| | Community property | Acquired during marriage with community funds or labor | | Separate property | Owned before marriage, or received during marriage by gift/inheritance | Key rules: - Both spouses must sign a deed to convey community property - Separate property retains its character unless commingled - Upon death, each spouse can only devise their ½ of…