Forms of ownership in Hawaii
Thursday, July 01, 2010
Forms of ownership of real estate in Hawaii
Tenants in severalty - a single owner used for individuals or corporations
Tenants in common - right of descent, can sell or mortgage or gift property. Upon death of one of the tenants that tenants's share passes to his or her heirs.
Joint tenancy - This tenancy has the right of survivorship. No probate necessary upon death since the deceased tenant's share passes to the remaining joint tenants.
Tenancy by the entirety - this is often used for a married couple or reciprocal beneficiaries.
This is just a sketchy explanation. Upon purchasing a property the escrow officer will fully explain the forms of tenancy during the escrow procedure.
