Ownership interests in real estate are very important, especially when it comes to heirs property.

There are different types of ownership interests. If you own real estate, especially with others, it is important to know what type of ownership interest you have and what you don't have.

There is a single owner of the property who has sole rights to the property and is solely responsible for the property. This is the simplest form of property owners. If a sole owner dies owning the subject property, the ownership transfers to their heirs.

There are two owners of the property- a married couple. Each spouse has an undivided interest in the property and is responsible for the property. Neither spouse can transfer their interest to a third party without the consent of the other spouse. When the first spouse dies, the surviving spouse becomes the sole owner. If the spouses divorce, their interests become tenants in common.

There are multiple owners of the property. Each owner has an undivided interest in the property and are responsible for the property. When an owner dies, their share is divided among the surviving joint owners- it does not go to the heirs of the deceased owner's estate.

There are multiple owners of the property. Each owner has an undivided interest in the property and are responsible for the property proportional to their share. Any owner can transfer their share to someone else, including non-owners. When an owner dies, their share goes to their heirs- it does not go to the surviving joint owners. This is the most common form of ownership for heirs property owners.

Heirs property owners most often own real estate as tenants in common. It's also possible for heirs property to be owned as joint tenants with rights of survivorship, although ownership will eventually flow to the last surviving joint tenant owner.