Page 229

Real property is to be considered as a resource according to the requirements of each assistance category and the type of ownership of the property. (Refer to Sections 2605.05.00 and 2605.25.10.) Ownership of real property can consist of an interest in the title as follows: • Sole Ownership: o When property is solely owned by one individual, only the individual or their legal guardian may sell the ownership interest without conditions imposed by others. The individual is legally entitled to all income which may be generated from the property. • Joint Ownership: o Joint ownership is the holding of property by two or more persons who have an equal interest in the whole property. At the death of one of two joint owners, the survivor usually becomes the sole owner. At the death of one of three or more joint owners, the survivors become joint owners. o If an applicant/recipient jointly owns real property with another applicant/recipient of any assistance program, proportionate shares of the property are to be assigned to the joint owners and considered as a resource in accordance with the program requirements. o When a non-recipient is one of the joint owners of real property, the availability of the applicant/recipient's proportionate share must be determined. (Refer to Section 2605.15.00.) If the applicant/recipient's proportionate share is available, it is to be considered a resource as required by the specific assistance program. If the applicant/recipient's proportionate share is not available, the resource is exempt. • Ownership in Common: o An ownership in common is the holding by two or more persons of separate titles in the same real estate. Each owner has a divided interest in the whole property. There is no right of survivorship to an ownership in common. It is not a joint ownership. • Ownership by the Entirety: o Ownership by the entirety refers to property owned by two spouses whereby each member has ownership interest in the whole property which is indivisible. Upon the death of one, the survivor becomes sole owner. When a marriage has been legally dissolved, the former spouses become owners in common of the property.

Ownership of real property can also consist of a legal right to the use of property without having title to it, as follows: • Life Estate: o A life estate conveys to an individual certain rights in property for life. The owner of a life estate generally has the right of possession and use of the property, as well as the right to obtain profits from the property, and to sell the life estate interest. However, the deed establishing the life estate may restrict one or more rights of the individual. Ownership of a life estate interest may affect eligibility for certain assistance programs. (Refer to Section 2605.25.10.05.) • Remainder Interest: o When an individual conveys property to one person for life (life estate holder) and to a second person (the remainderman) upon the death of the life estate