What does "Severalty" refer to in the context of property ownership?

In the context of property ownership, "severalty" refers to ownership by a single individual or entity. This means that the person or entity holds the title to the property solely in their name, without any co-owners. This form of ownership provides the owner with complete control over the property and the authority to make decisions regarding its use, sale, or transfer without needing to consult with others.

In severalty ownership, the rights to the property are exclusive to the owner, and they are not shared with anyone else. This is in contrast to forms of ownership such as joint tenancy or tenancy in common, where two or more individuals hold rights to the same property. Ownership in severalty is significant in real estate law because it simplifies decision-making, as it removes the complexities involved in shared ownership scenarios.

Understanding the concept of severalty is crucial for real estate professionals, as it influences how properties are bought, sold, and managed legally.