What is it called when one person buys a property all by themselves?

• A. Joint tenancy
• B. Ownership in severalty
• C. Partnership ownership
• D. Common ownership

Answer: (B)

When one person buys a property all by themselves, this is referred to as ownership in severalty. This term signifies that the individual holds the title to the property solely in their name, independent of any co-owners or partners. Ownership in severalty provides that person with complete control over the property and the authority to make decisions concerning its use, sale, or alteration, without needing consent from anyone else.

In real estate, this concept contrasts with joint tenancy, partnership ownership, and common ownership, where multiple parties share ownership rights. Ownership in severalty is particularly significant for individuals who prefer full autonomy over their property investments or personal residences. By understanding this term, individuals can better navigate legal documents and ownership structures related to real estate transactions.