Forms of Ownership

When you look at a deed, the most important question isn't just who is on it, but how they are on it. The legal phrasing determines who signs the contract and, more importantly, who gets the house when someone dies.There are two main buckets: owning it alone or owning it together.Estate in Severalty (The Lone Wolf). Do not let the word confuse you. "Severalty" sounds like "several" (many), but it actually comes from the word "Sever" (to cut off). Definition: Ownership by one person (or one corporation). You are "severed" from all other owners. The Power: You have 100% control. You make all the decisions. The Signature: Only one signature is needed to sell the property. The Homestead Trap: Wait! If you are married and own a home in Severalty (only your name is on the deed) and it is your Homestead (primary residence), your spouse MUST still sign the deed to sell it. This prevents you from selling the family home out from under your spouse.