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Titles >Ways to Hold Title

When two or more people purchase property together, there are three ways that the title can be held. Knowing the implications of each form of ownership will help you decide how to write your deed.

"Tenancy by the entireties" is reserved exclusively for married people. Both husband and wife own an undivided interest in the property. On the death of one party, the surviving spouse owns the entire property and no probate will be necessary. When unmarried persons buy a home together, they should seek legal advice regarding how title should be held. As "tenants in common" each party owns a percentage interest in the property. On the death of one party his or her interest does not go to the surviving owner but is distributed in accordance with the will of the deceased, whose estate must be probated. As "joint tenants" each party owns an undivided, equal interest that passes automatically to the surviving joint tenant. Probate is not necessary if the deed reads "joint tenants with rights of survivorship".

It is important to know that in most courts, if a deed is written without specification of how title is held, the property is titled as "tenants in common."

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Q	What land did the U.S. Government buy for $7.2 million?
A	In March 1867, the US bought all of Russian America (Alaska) from Russia.
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Al Hamilton, REALTOR®, real estate agent and broker for Shelter Cove, Humboldt County and Lost Coast, Northern California, California home listings, property and land for sale - NUMBER1EXPERT(tm)

Al Hamilton
Shelter Cove Real Estate
9487 Shelter Cove Road
Shelter Cove, CA 95589
916 716 0038
530 622 0579
707 986 9591
alhamilton.us@gmail.com
alhamilton@NUMBER1EXPERT.com
Real Estate Broker, Real Estate Attorney and Developer with 40 years experience to serve you.

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