[UPDATE] "Understanding the Types of Property Ownership in Las Vegas" by Las Vegas Real Estate Attorneys
by
Mitchell Reed Sussman on Feb. 01, 2024
Summary: Ownership of property in Las Vegas can take different forms. Each form specifies the owners right to the property and how it will be treated upon the death of an owner.
In Las Vegas, there are four basic types of ownership, Sole Ownership, Community Property, Joint Tenants, and Tenants in Common.
What forms are available depend on the state in which the property is located.
In Las Vegas, there are four basic types of ownership, Sole Ownership, Community Property, Joint Tenants, and Tenants in Common.
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In a Sole Ownership, one entity, whether an individual or business, owns the property singularly. If this is an individual, no one has a right of succession upon death.
While this make it easy to leave the property to someone in a Will, it can create a potential Probate mess should it not be addressed in a Will or other instrument.
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In a Community Property, the ownership is shared equally as part of a marriage. This is also referred to as Tenancy by the Entirety. Under this each spouse will receive that of the other upon their death by operation of law unless a Will directs their interest otherwiseIf the property is titled as.
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In a Joint Tenants situation, there is no marital requirement so it can be used by any people or entities who desire to share title to property equally, and upon the death of an owner the other owner or owners will receive the deceased person’s interest.
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In a Tenancy in Common, is the final form of ownership of property in Las Vegas. It is essentially multiple sole ownerships interests as no owner will receive the interest of another upon death. As a result, if one owner dies it is their heirs which will receive that person’s interest and not the others holding ownership.
This can result in a shared ownership with those never anticipated. This form does allow for unequal proportions of ownership, so can be useful if equally shared ownership is not desirable.
To learn more, go to Las Vegas Real Estate Attorneys at https://www.lasvegasrealestateattorney.com or call 800-233-8521 for a free phone consultation.
https://www.lasvegasrealestateattorney.com/types-of-property-ownership-in-las-vegas
Additional resources:
Las Vegas Real Estate Attorneys - https://www.lasvegasrealestateattorney.com
The Various Types of Las Vegas Property Ownership - Las Vegas Real Estate Attorneys