When it comes to real estate, there are several different types of tenancies that can govern the ownership and use of a property. Understanding the different types of tenancies is important for both buyers and sellers, as it can have significant implications for the rights and responsibilities of the parties involved. Here are the most common types of real estate tenancies.

Fee simple: This is the most common type of tenancy and refers to the absolute ownership of a property. The owner of a fee simple tenancy has full control over the property and can use, sell, or dispose of it as they see fit.

Leasehold: A leasehold tenancy refers to the ownership of a property for a specific period of time, as specified in a lease agreement. The owner of a leasehold tenancy has the right to use the property for the term of the lease, but does not own the property outright.

Life estate: A life estate refers to the ownership of a property for the duration of the owner's lifetime. Upon the owner's death, the property will pass to the designated beneficiary or revert to the original owner.

Joint Tenancy: Joint tenancy refers to ownership of a property by two or more individuals, with equal rights and interests in the property. Upon the death of one owner, the property will automatically pass to the surviving owner or owners. This is known as the "right of survivorship."

Tenancy in Common: Tenancy in common, on the other hand, refers to ownership of a property by two or more individuals, but each owner has a separate and distinct share in the property. This means that each owner can dispose of their share as they see fit, and upon their death, their share will pass to their designated beneficiary rather than automatically to the surviving owner or owners.

Tenants by the Entireties: Tenants by the entireties is a type of joint tenancy that is only available to married couples. It combines the ownership of both spouses into a single entity, with equal rights and interests in the property. Upon the death of one spouse, the property will automatically pass to the surviving spouse.