Shared Ownership of Real Property in Texas
This article discusses different types of shared real estate ownership. Remember that real estate ownership is a complicated area of law. Always consult an attorney for help understanding your property rights and before transferring property ownership.
Page Sections
- What is real property?
- What is a property interest?
- What is probate and why is it relevant?
- Types of Shared Property Interests
- Tenancy in Common
- Joint Tenancy with Right of Survivorship
- Community Property and Marriage
- Life Estate
- Mineral Estates and Surface Estates
- Timeshares
- Easements
- Liens
- How can you add or remove a co-owner?
- How do you change the type of shared ownership?
What is real property?
Real property is land. This includes any buildings that are on that piece of land. This does not include any moveable items that you own, such as furniture or vehicles.
What is a property interest?
A property interest is an enforceable right to real estate. By enforceable, we mean something recognized by law and the courts.
There are different types of property interest. For example, you may share ownership with another person. Or you may own all of the land, while someone else owns all of the mineral rights. Not all property interests include ownership. A lien, for instance, is a property interest but is not property ownership.
Some things may look like property interests but are not. For example, if someone puts you in their will, the will does not create an enforceable property interest so long as the person is alive. The person could change their will at any time, and you would have no right to stop them.
What is probate and why is it relevant?
Probate is the court process that assigns property to heirs. It can be lengthy, costly, and is often subject to taxes and creditors.
This article discusses different types of shared real estate ownership. Remember that real estate ownership is a complicated area of law. Always consult an attorney for help understanding your property rights and before transferring property ownership.
Page Sections
- What is real property?
- What is a property interest?
- What is probate and why is it relevant?
- Types of Shared Property Interests
- Tenancy in Common
- Joint Tenancy with Right of Survivorship
- Community Property and Marriage
- Life Estate
- Mineral Estates and Surface Estates
- Timeshares
- Easements
- Liens
- How can you add or remove a co-owner?
- How do you change the type of shared ownership?
What is real property?
Real property is land. This includes any buildings that are on that piece of land. This does not include any moveable items that you own, such as furniture or vehicles.
What is a property interest?
A property interest is an enforceable right to real estate. By enforceable, we mean something recognized by law and the courts.
There are different types of property interest. For example, you may share ownership with another person. Or you may own all of the land, while someone else owns all of the mineral rights. Not all property interests include ownership. A lien, for instance, is a property interest but is not property ownership.
Some things may look like property interests but are not. For example, if someone puts you in their will, the will does not create an enforceable property interest so long as the person is alive. The person could change their will at any time, and you would have no right to stop them.
What is probate and why is it relevant?
Probate is the court process that assigns property to heirs. It can be lengthy, costly, and is often subject to taxes and creditors.