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We can help with change of Title

Change of Title

There are several types of ownership structures that can be used when owning property. The most common types of ownership structures with properties are:

  1. Sole ownership: This is when one person owns the property outright. This means that they have full control over the property, including the right to sell, rent or transfer ownership.

  2. Joint tenancy: This is when two or more people own the property together. Each person has an equal share in the property, and when one owner passes away, their share is automatically transferred to the other owners.

  3. Tenancy in common: This is similar to joint tenancy, but each owner can own a different percentage of the property. When one owner passes away, their share of the property is passed on to their heirs or beneficiaries.

  4. Trusts: Property ownership can also be structured through a trust. This is when a trustee holds the property on behalf of the beneficiaries. The trustee has legal ownership of the property, but the beneficiaries have the right to use and benefit from the property.

  5. Company ownership: Property can also be owned by a company. This is when the property is owned by a legal entity, and the shareholders of the company own the property indirectly.

It's important to note that the type of ownership structure used can have legal and financial implications, such as tax obligations and liability for any debts or obligations related to the property. It's recommended to seek professional advice and guidance from a lawyer, accountant or other relevant expert before deciding on an ownership structure.

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