Sole ownership is the most common form of property ownership. Under this title, a person or an entity solely owns all the rights and interests to an asset, in this case a real property which can either be a land, building or a fixture. Being the sole owner, one can sell the property or turn it into an income-generating asset without asking for anyone’s approval and without having the need to share the profit to somebody else.
Sole property ownership
However, in the event wherein a married couple agree to purchase a property and put it solely under the name of one spouse to save on tax, the spouse who does not hold the property’s title may still have some right to the property. This means that the spouse who holds the title to the property cannot just throw the other out. Moreover, the non-owner spouse can stop the owner from selling the property or taking a loan against it unless the court has decided on how the property must be divided.
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