Before you assume title for a property, you may want to discuss tax and estate-planning consequences with your attorney or financial adviser. Three primary ways of taking title are:

• Joint tenancy. Joint tenants are two or more people who hold title equally to a property. Both must agree to sell the property. If one dies, full ownership goes to the survivor, or survivors, without going through probate proceedings. This arrangement is most common for married couples or unrelated co-owners.

• Tenancy in common. Tenants in common are two or more people who hold title equally or unequally to a property. Tenants in common have the right to dispose of their interest in the property any way they see fit; they can will it to a relative or sell when they choose.

• Sole ownership. A sole owner holds title to a property with no spouse, partners or co-owners.