The three main forms of joint home ownership in Texas are tenants in common (unequal shares allowed, no survivorship), joint tenancy with right of survivorship (equal shares, automatic transfer), and community property (for married couples, equal ownership by default). Each has different tax, probate, and control implications.
Tenants in Common Explained
Each owner holds a separate, divisible share. Shares can be unequal (e.g., 60/40). Each owner can sell or mortgage their share independently. There is no right of survivorship: when one owner dies, their share passes through their estate, not automatically to the other owners. Useful for unrelated buyers or investment partners.
Joint Tenancy with Right of Survivorship
All owners hold equal shares with the right of survivorship. When one owner dies, their share automatically transfers to the surviving owners without probate. All owners must have acquired their interest at the same time. This is common for family members or spouses who want automatic transfer.
Community Property for Married Couples in Texas
Texas is a community property state. Property acquired during marriage is presumed to be community property owned 50/50. Each spouse has equal management rights. Upon death, the deceased spouse's half passes according to their will or intestacy laws, not automatically to the surviving spouse unless specified.
Choosing the Right Option
Your choice affects estate planning, tax basis, creditor protection, and what happens if the relationship ends. Married couples can also choose community property with right of survivorship for automatic transfer. Unrelated co-owners typically pick between tenants in common and joint tenancy. Consult an attorney before deciding.