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Taking OwnershipOwnership of property can be taken in your name alone or withsomeone else as a co-owner. There are different types of co-ownershipas well as different types of deeds in common use.Co-ownershipThere are three main forms of co-ownership of real property. Theseinclude tenancy in common, joint tenancy, and tenancy by the entirety.Tenancy in Common Tenancy in common is a type of co-ownershipin which two or more people own an interest in the whole property.An owner may deed away his or her interest without permission ofthe other owners. An owner’s heirs inherit that person’s share of theproperty upon death.Example 4. Wendy Chow, Beverly Rojas, and Mark Rojas ownedreal property as tenants in common. When Chow died, her onethirdshare of the property was inherited by her husband and twochildren, giving each of them a one-ninth interest in the property.They became tenants in common with the Rojases, who eachstill owned a one-third interest in the property.Joint Tenancy Joint tenancy (also called joint tenancy with theright of survivorship) is a type of ownership in which two or more peopleOnline Mortgage ProvidersApplying for a home loan online is becoming a popular way to get amortgage. Online loans are subject to the same disclosure laws that governtraditional home loans. After a borrower that uses the Internet receives a loanoffer from a lender, that lender is required to make the loan. Some onlinemortgage lenders are experimenting with automated approval systems. Thesesoftware programs would apply all the normal rules of loan decisions to a givensituation. The idea is to imitate the human decision-making process and makethe loan approval procedure much more efficient. (Source: New York Times,February 26, 2001, p. C5)Connect Visit the Web site of a major mortgage lender. See if they have anonline loan application process.740 Unit 7: Planning for the Future