Definition
Sole ownership is property held by a single individual or entity with full legal control and responsibility. The sole owner holds 100% of title with exclusive rights.
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Sole ownership is straightforward and common for residential properties owned by unmarried individuals or for entities like corporations and LLCs. The sole owner has exclusive rights, bears sole liability, and can freely transfer the property. Sole ownership simplifies decision-making but concentrates liability risk and may have different estate planning implications than joint ownership.
Pro Tip
As a sole owner, consider liability insurance and estate planning to protect your ownership interests.
Example
A single person purchases a home in their name only; they are the sole owner with full control and responsibility.