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TENANCY

Common Ways to Hold Tenancy

Tenants in Common

The default way to hold title in Michigan. If another form of ownership is intended but is not created correctly, Michigan law will generally treat the ownership as a tenancy in common.

Owners may hold equal or different percentages of ownership
- Each owner may sell or transfer their interest without the consent of the other owners
- There is no automatic right of survivorship

Best for: Friends, family members, or business partners purchasing together.

Joint Tenancy

A special type of joint tenancy that provides added protection for the survivorship rights. All
owners hold equal interests. Includes a right of survivorship. One owner cannot destroy the
survivorship rights by transferring their interest alone.

All owners hold equal interests
Includes a right of survivorship

Best for: Co-owners who want the property to automatically pass to the surviving owner.

Joint Tenants with Full Rights of Survivorship

A special type of joint tenancy that provides added protection for the survivorship rights. All
owners hold equal interests. Includes a right of survivorship. One owner cannot destroy the
survivorship rights by transferring their interest alone.

Best for: Co-owners who want stronger survivorship protection.

Tenancy by the Entireties

A special form of ownership available only to married couples in Michigan. Includes a right of
survivorship between spouses. Both spouses must sign to sell or transfer the property.
Provides limited protection from creditors of only one spouse.

Best for: Married couples purchasing property together.

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Other Ways Title May Be Held

Sole Ownership - One individual owns the property alone.
Life Estate - One person has the right to use the property during their lifetime, and ownership automatically passes to another person at their death.
Lady Bird Deed - A popular Michigan estate planning tool that allows the owner to keep full control during their lifetime while avoiding probate.
Trust Ownership - Property is held in the name of a trust rather than an individual.
LLC or Business Ownership - Property may be owned by a business entity, often for investment or commercial purposes.
Land Contract Interest - The seller (vendor) keeps legal title until the land contract is paid in full, until then the buyer (vendee) has an equitable owner interest.

Important Reminder

This summary is for general information only and is not legal advice. Buyers and owners should consult with an attorney to determine the best way to hold title for their situation. For questions, contact Vanguard Title!