Deed Vesting
4 Common Ways to Own Property
Joint Tenancy is a form of ownership for 2 or more people meaning that each party owns the entire property in an undivided interest. Upon the death of a Joint Tenant, the interest of the deceased party automatically passes to all Joint Tenants who remain alive. There are no Probate Court proceedings for a deceased tenant. Example: If party A and party B are Joint Tenants, upon the death of Party A, Party B automatically owns the property with no court proceedings whatsoever.
JOINT TENANCY.
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TENANCY IN COMMON.
Tenancy in Common is a form of ownership for 2 or more people in which each can own unequal shares, such as Party A owns 75%, and Party B owns 25%. Upon the death of any tenant in common, the interest of the deceased WILL go to Probate Court from which it will pass according to the deceased party’s estate plan.
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SOLE AND SEPARATE.
Sole and Separate is an ownership form between married parties indicating that just one of the married partners owns the property. Example: Title may be taken in the name of “Sally Smith, a married woman, as her Sole and Separate Property.”
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A REVOCABLE TRUST.
A Revocable Trust is a legal entity generally prepared by an attorney providing a comprehensive estate plan for the parties. Example: Title may be taken as “Sally Smith and Roger Smith who are Trustees of the 2005 Smith Family Trust.”
Other forms of business ownership do exist, such as a Corporation and an LLC.
Please consult any of the following web sites for full legal descriptions of ownership forms. You must consult with an attorney if you have any questions as to which ownership form is appropriate for you.
Click any of the links below for a full legal description of different methods of real estate ownership:
