Your name on a deed signifies ownership. However, your rights of ownership have limits. The government imposes such police-power limits as zoning and building codes. Other limits result from your deed and the way in which you own the property.
Deed restrictions and covenants determine how you may use the property. Previous owners also may have encumbered the property in a way that restricts your use or grants use to another party. Some encumbrances remain in effect no matter who owns the property.
A trust deed, which usually secures a loan, prohibits you from doing anything to the property that might damage the lender’s interest in it. Other deeds transfer interest without full warranty against encumbrances. If it turns out that the grantor had no legal interest or restricted interest, you also have no interest or restricted interest in the property.
Type of Ownership
Owning property with other people limits your control and your rights. For example, you need a co-owner's permission to sell your interest if you own the property as joint tenants. Joint tenants also lose the right to bequeath their interest. Each deceased owner's interest automatically reverts to the other owners.
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