Final answer:
Texas recognizes three types of co-ownership: Tenancy in Common, Joint Tenancy with Right of Survivorship, and Tenancy by the Entirety.
Step-by-step explanation:
In Texas, there are three types of co-ownership that are recognized:
- Tenancy in Common: This is where two or more individuals each own a separate and distinct share of a property. Each owner has the right to sell or transfer their share without the consent of the other owners. If an owner passes away, their share will pass to their heirs or beneficiaries.
- Joint Tenancy with Right of Survivorship: In this type of co-ownership, two or more individuals share equal ownership of a property. If one owner passes away, their share automatically passes to the surviving owners. This means that the last surviving owner will own the entire property.
- Tenancy by the Entirety: This type of co-ownership is only available to married couples. It provides the same rights as joint tenancy with right of survivorship, but with additional protection against creditors.