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MAABD MAABD MAABD MAABD MAABD MAABD MAABD MAABD Division of Welfare and Supportive Services E-410 Medical Assistance Manual RESOURCES 24 Sept MTL 04/24 TYPES OF RESOURCES (not all inclusive)

REAL PROPERTY RESOURCE TYPE DESCRIPTION

REAL PROPERTY

1. Real Property

2. Conditional Exclusion

Real property is land, including buildings or immovable objects attached permanently to the land.

OWNERSHIP/AVAILABILITY

a. Sole Ownership:

Sole ownership of real or personal property mean only one person may sell, transfer or otherwise dispose of the property. All of the resource evaluated at market value, less encumbrances, is available to the customer.

b. Shared Ownership:

Shared ownership of real or personal property means two or more people own it simultaneously. The following are common types of shared ownership:

1) Tenancy-In-Common:

Two or more persons each have an undivided fractional interest in the whole property for the duration of the tenancy. These interests are not necessarily equal. One owner may sell, transfer or otherwise dispose of his/her share of the property Without permission of the other owner(s); but cannot take these actions with the entire property. If a tenant-in- common dies, the deceased’s interest passes to his/her estate of heirs. Count the fair market value, less encumbrances, of the customer’s property share.

2) Joint Tenancy:

Each of two or more persons have one and the same undivided ownership interest and possession of the whole property for the duration of the tenancy. This means each owner owns ALL the property. If a joint tenant dies, the survivor becomes the sole owner. If more than one joint tenant survives, the survivors become joint tenants of the entire property interest. Count the total fair market value, less encumbrances, of the entire property.