There are several forms of fee simple ownership:
Tenants in Common
A form for taking title when two or more people buy property and own it together with either equal or unequal shares. If any one of the tenants in common dies, the interest passes to the heirs, not to the remaining tenants.
Joint Tenants with the Right of Survivorship (Survivorship Tenancies)
Two or more persons may acquire title to real estate. Each has an undivided percentage interest in the property. Upon death of one of the joint tenants, their particular interest automatically passes to the surviving tenants.
Tenancy by the Entireties
A husband and wife could acquire title to real estate. Each has full ownership to the real estate. Their individual creditors cannot foreclose on their interest in the real estate. Upon death of one, the other is the owner of the entire fee. Note: Tenancies by the Entireties were replaced by Survivorship Tenancies on April 4, 1985 and are no longer available in Ohio.
Transfer on Death Designation
As of December 28, 2009 Ohio eliminated the Transfer on Death Deed and replaced it with the Transfer on Death Designation Affidavit. A property owner may designate on the affidavit the party or parties who should receive title after the property owner dies. The affidavit does not create a present interest in the real estate for the beneficiary or beneficiaries, yet it avoids probate and the property transfers immediately upon the death of the property owner. The affidavit must be recorded prior to the death of the property owner to be effective. (Transfer on Death Deeds filed prior to December 28, 2009 are still recognized.)