A few ways in which more than one party may hold title are as follows:
Tenants by the Entirety: Only a husband and wife may hold title in this manner. Provided the couple remains continuously married, the surviving spouse becomes the 100% owner of the property upon the death of their spouse.
Tenants in Common: Title can be held by two or more individuals or legal entities in equal or unequal percentages. Upon the death of one of the owners, their interest passes under the term of their will and not automatically to the other people with whom they are in title.
Joint Tenants with Rights of Survivorship: Title must be held in equal interests (ie: 50/50 or 25/25/25/25) by individuals. Title passes automatically to the co-owners upon the death of any owner.
Life Estate with Remainder Interest: Title passes automatically to the holder of the remainder interest upon the death of the holder of the life estate interest.
Note: No legal advice or suggestions are being given as to the preferable or recommended way to hold title. Consult with an attorney prior to deciding how to hold title. The above is an excerpt only from an Underwriting Manual.