Property ownership may be sole ownership, joint tenancy with survivorship, tenants in common, or community property. The Home Purchase Line permits joint tenancy and community property, but not tenants in common.
Yes. Here’s a breakdown:
- Sole Ownership: Property owned entirely by one unmarried individual, or by a married person as separate property.
- Joint Tenancy (with Right of Survivorship): Co-owned by two or more people with equal shares. If one passes away, their share goes to the surviving owners. This form of ownership is permitted for the Home Purchase Line.
- Tenants in Common: Co-owned by two or more people with potentially unequal shares. If one passes away, their share goes to their heirs. This form of ownership is not permitted for the Home Purchase Line.
- Community Property: Available in specific states; property acquired during marriage is owned 50/50 by both spouses. This form of ownership is permitted for the Home Purchase Line.