TN 32 (07-90)
SI 01110.500 Significance of Ownership
Ownership interests in property, whether real or personal, can occur in various types and forms. Since the type and form of ownership may affect the value of property and even its status as a resource, they are significant in determining resources eligibility.
B. Description — Types of Ownership
1. SOLE VS. SHARED OWNERSHIP
An individual may have sole ownership of a property or may share its ownership with others. See SI 01110.510.
2. FEE SIMPLE OWNERSHIP
Fee simple ownership, which relates only to real property, is completely free of conditions imposed by others. See SI 01110.515 A.1.
3. LESS THAN FEE SIMPLE OWNERSHIP
A life estate interest conveys ownership of limited duration. See SI 01110.515 A.2. and B.
Equitable ownership can occur when an individual does not have legal title to property. See SI 01110.515 A.2.b. and C.
4. PROPERTY RIGHTS WITHOUT OWNERSHIP
A leasehold conveys a time-limited control of property but not ownership of it. See SI 01110.520 B.1.
An incorporeal interest in property is a right to use the property but without any right to possess it or sell it. See SI 01110.520 B.2.
C. Operating Policy — Variance in State Laws With Respect to Ownership
The explanations of ownership in the following sections represent general legal principles. However, specific points may vary with State law and issues may have to be reviewed by the Regional Office and/or Regional Counsel.