What are two ways in which friends can hold title together?

Friends can hold title together primarily in two ways: as joint tenants or as tenants in common (TIC).

When holding title as joint tenants, both individuals have equal ownership and the right of survivorship. This means that if one owner passes away, their interest automatically transfers to the surviving owner, rather than being distributed according to their estate plan. This form of ownership is often chosen by those who want to ensure that their share of the property immediately goes to their co-owner.

On the other hand, tenants in common (TIC) allows for greater flexibility in ownership. Friends can own unequal shares of the property, and there is no right of survivorship. This means that when one tenant dies, their share can be passed on to their heirs according to their will or state laws, rather than reverting to the surviving co-owners. This arrangement is particularly beneficial for friends who may have contributed different amounts to the purchase of the property or who wish to maintain control over the distribution of their share after death.

These two methods provide options for friends to engage in co-ownership that can be tailored to their specific needs and circumstances, making it the correct answer for the question.