Definition: Ownership by one person or legal entity, also called sole ownership or an estate in severalty. The word describes the number of owners, not a particular duration of ownership.
Example
One corporation holds title to a parcel in severalty even though the corporation has multiple shareholders.
Keep the distinction clear
Severalty is separate from co-ownership. It does not mean several people own the property, despite the sound of the word.
Related terms
Concurrent Ownership · Corporation · Fee Simple Estate
Keep studying
Joint Tenancy, Tenancy in Common, Entireties, and Severalty
References: California DRE: real estate glossary
Pronunciation (US): SEV-er-ul-tee (capitals show stress)
Pronunciation reference: Merriam-Webster
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