Under New York law, there are four primary manners in which owners may hold title to property:
Sole ownership – an individual hold full ownership over the property
Tenants in common – ownership by two or more individuals where each holds an undivided interest in the property that does not have to be equal, and each owner can borrow against, sell, etc. that interest
Joint tenants – ownership by two or more individuals where each holds an undivided and equal interest in the property with the rights of survivorship
Tenants by the entirety – a variation of joint tenancy for married couples
The distinctions and intricacies for the different ownership structures are numerous. If you have questions pertaining to property ownership give me a call.