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Tenancy In Severalty
Ownership in severalty refers to real property ownership by one person or entity, without any other minority owners.
A legal person or legal entity can own several properties, with each one owned in severalty, and without any cotenants or partners.
Because this word is associated with the word several, people can sometimes be confused with it meaning several owners. But this is not the case here.
This form ownership also goes by various names such as:
- Sole tenancy
- Ownership in severalty
- Several tenancy
- Estate in severalty
Because the tile is “severed” from any other persons, such properties have to go through the probate process when the owner passes away.
In joint tenancy, when all shareholders die leaving a last survivor, this last survivor would have title in severalty.