Which type of property ownership is recognized under Minnesota law?

Minnesota law recognizes several types of property ownership, among which are severalty, joint tenancy, and tenancy in common.

Severalty ownership refers to property that is solely owned by one individual or entity, giving them complete control and responsibility over the property. Joint tenancy involves two or more individuals owning the property together with rights of survivorship, meaning that if one owner passes away, their share automatically transfers to the surviving owner(s). Tenancy in common is another form of shared ownership where two or more individuals hold title to the property; however, unlike joint tenancy, there are no rights of survivorship, and each owner can independently transfer their share.

In contrast, the other options do not accurately reflect the types of property ownership recognized in Minnesota law. For instance, tenancy by the entirety and community property are not commonly recognized in Minnesota, as the state typically follows the common law principles outlined above. Leasehold and cooperative ownership refer to specific arrangements rather than forms of property title, while common law ownership and ownership in trust relate more to legal frameworks and structures rather than direct ownership types recognized within the context of property law in the state. Thus, the recognition of severalty, joint tenancy, and tenancy in common offers a clear and accurate representation of property ownership