| SOLE OWNER: |
An undivided ownership interest by one person with no other party having a right or interest in or to the property. |
| TENANTS BY THE ENTIRETY: |
An undivided ownership by both husband and wife, with the right to the entire property passing to the surviving spouse upon the death of one (1) spouse. |
| JOINT TENANTS: |
An equal ownership interest by all parties named on the Deed with rights of ownership vesting in the survivor of all owners. |
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Example: Andy, Beth and Charles own Black Acre one-third each (1/3rd each). If Beth dies, Andy and Charles will each own one-half (1/2) of Black Acre. |
| TENANTS IN COMMON: |
An individual ownership interest in a portion of the property (either equal or unequal) with another party and sharing a common interest and right to use as to the whole. Tenants in Common does not provide for survivorship. Thus, a will is recommended to identify the recipient of the ownership interest upon the death of on (1) of the owners. |
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Example 1: Andy, Beth and Charles own Black Acre. Beth owns seventy percent (70%), Andy owns twenty percent (20%), and Charles owns ten percent (10%). Charles dies. Charles had a will which states that his interest should pass to his mother, Charlene. Charlene no owns ten percent (10%) interest in Black Acre. If Charles dies without a will, his ten percent (10%) interest shall pass according to the laws of the State of Virginia. |
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Example 2: Andy and Beth are married but own Black Acre with Charles. Andy and Beth own sixty percent (60%) interest in Black Acre, which they hold as Tenants by the Entirety. Charles owns forty percent (40%) interest in Black Acre. As between Charles and the unit made up of Andy and Beth, the parties own Black Acre as Tenants in Common, for forty percent (40%) to Charles and sixty percent (60%) to Andy and Beth jointly. |
