Common Forms of Property Ownership
Clark County Nevada



Nevada - Educational Public Information

Joint Tenancy

Property owned by two or more people at the same time in equal shares; typically referred to as the four unities (unity of time, title, interest and possession vesting in each joint tenant). Each joint tenant has an undivided right to possess the whole property and a proportionate right of equal ownership interest. When one joint tenant passes away, his/her interest automatically vests in the surviving joint tenant(s) by operation of law. Not all the states allow this form of property ownership.

Tenancy in Common

Property owned by two or more persons at the same time. The proportionate interests and right to possess and enjoy the property between the tenants in common do not have to be equal. Upon death, the decedent' s interest passes to his/her heirs named in the will who then become new tenants in common with the surviving tenants in common.
Sole and Separate Property Owned entirely by one person.
Community Property Only in states that recognize community property, a special form of joint tenancy between husband and wife, each owning one-half. Upon death, the decedent's interest passes in a manner similar to tenants in common.
Single Man or Woman Typically used if one has never been married.
Right of Survivorship Ownership of property by two or more people in which the survivors automatically gain ownership of a decedent's interest. In the case of more than one survivor, the decedent's share is divided among the survivors.