Understanding Real Property Rights & Ownership in Colorado

A happy early Independence Day to everyone!  I hope you all get to enjoy time with family, celebrate our country and reflect on what an amazing place America is. 
    America is not like any other country now or ever before.  We are truly blessed to have the opportunities that we have in America and one that I should mention is the right to purchase, use and own real property.  Real property is different from general property because it specifically refers to land and everything attached to it—a right not guaranteed in other countries.  
    The 5th and 14th Amendments to the Constitution mention limitations on what the government can and cannot do to your property.  It goes even further in each state. The Colorado constitution specifies that individuals and legal entities have the right to own real property, granting us a bundle or rights that include possession, control, enjoyment, exclusion and disposition of real property.  In Colorado, ownership can typically be held in the following ways:

• Sole tenancy (severalty):
Ownership by a single individual, trust, or corporate entity (like an LLC), granting sole rights to sell or transfer the property.

• Tenancy in common:
The default co-ownership method when two or more parties purchase a property. Owners hold undivided interests and can transfer or sell their specific share without the consent of the other owners.

• Joint tenancy with rights of survivorship:
Co-ownership where, upon the death of one owner, their share automatically passes to the surviving owner(s) without going through the probate process.

• Beneficiary deed:
A legal tool allowing property owners to specify exactly who will receive the real estate automatically upon their death.

Owning real property is one of the best ways individuals can create a prosperous life for themselves and their families.  According to Realtor.com, homeowners are over 40x wealthier than renters because owning real property creates opportunities.  These far outreach most other investments and can be a generational wealth tool that every   
    American has the right to obtain!  Enjoy the 4th of July this year and as always, reach out with any questions!

Benson Verbel is a Realtor at NextHome Foundations,2025 President of Greeley Area Realtor
Association and President of the Colorado Association of Realtors Young Professional Network.
Contact Benson at 970.744.0223, benson@nexthomefoundations.com or bensonhomesales.com