![]() Additionally, an owner’s share would pass to the owner’s heirs upon death, rather than passing to the other tenants in common. For example, one owner could own 51% of the property, with the other owning 49%. Tenancy in common allows multiple owners to own title in a property, but rather than owning equally, the owners can set varying ownership percentages. If there are other owners of the property, their percentage share will remain the same. ![]() A quitclaim conveys all ownership interests of the grantor only. Maryland also recognizes tenancy in common as a form of co-ownership. A quit claim deed, or quitclaim, transfers the ownership and rights of a property with no guarantees from a grantor (seller) to a grantee (buyer). In particular, joint tenancies with right of survivorship involve all parties having equal ownership and the right to assume another owner’s interest in the event the other owner dies. This form allows multiple people or entities to own a title interest to the property, and comes with various rights and responsibilities. Maryland recognizes joint tenancy with right of survivorship as a common form of joint ownership. In Maryland, it is presumed that a married couple purchasing property have taken title as Tenancy by the Entirety unless specified otherwise in the Deed. In Maryland, spouses have the option of owning property by the entirety, which functions like a joint tenancy in that the surviving spouse will immediately take ownership of the property on the death of the other spouse. This is a form of ownership specifically created for spouses. Maryland does not recognize community property or homestead, meaning that a spouse can buy, sell, or own property without the involvement of the other spouse. In this type of ownership, one individual or entity owns the property completely with no other tenants. Maryland recognizes four basic types of ownership: sole ownership, tenancy by the entirety, joint tenants, and tenants in common.
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