Common Forms Of Real Property Ownership

There are a variety of forms of ownership of real property in Oregon. The more common forms of ownership include:

• Right of Survivorship: Property owned by two or more people at the same time in equal shares with right of survivorship, and not as tenants in common. Each owner has an undivided right to possess the whole property and a proportionate right of equal ownership interest. When one owner dies, his/her interest automatically vests in the surviving owner(s) by operation of law. Oregon does not recognize joint tenancy in real property.
• Tenancy in the Entirety: Ownership by husband and wife, or by domestic partners, other than as tenants in common, gives an automatic right of survivorship to both parties period.  When one dies, the survivor owns the entire interest and the real property is not subject to probate.
• Sole Ownership: Property owned entirely by one person.
• Tenants in Common: Property owned by two or more persons (other than as husband and wife, or domestic partners as tenants by the entirety) at the same time. The undivided interests and right to possess and enjoy the property between the tenants in common do not have to be equal. Upon death, the decedent' s interest passes to his/her heirs named in the will who then become new tenants in common with the surviving tenants in common.
• Community Property: Some states recognize community property, a special form of joint tenancy between husband and wife, each owning one-half. Upon death, the decedent's interest passes in a manner similar to tenants in common.  Oregon is not a community property state.

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