5 Common Ways to Hold Title2017-11-28T00:26:49+00:00

5 Common Ways to Hold Title

Before you reach the closing date, you have to make a decision on how you will “hold title” to the property. This decision has legal, tax and estate planning ramifications. Therefore, it is prudent to consult an attorney or certified public accountant (CPA).
  • SINGLE MAN/WOMAN

    A man or woman who is not legally married (e.g., Jane Doe, a single woman).

  • AN UNMARRIED/DIVORCED MAN/WOMAN

    A man or woman, having previously been married, but is now divorced (e.g., John Doe, an unmarried man).

  • A MARRIED MAN/WOMAN, AS HIS/HER SOLE AND SEPARATE PROPERTY

    When a married man or woman wishes to acquire title in his or her name alone. The spouse of the individual must consent by signing a quitclaim deed or other similar instrument. By doing this, he or she relinquishes his or her rights, interest, and title in the property (e.g., John Doe, a married man, as his sole and separate property).

  • JOINT TENANCY

    Joint tenancy is defined as a joint interest in a property owned by two or more persons in equal shares. Survivorship is a chief characteristic of joint tenancy. Title to the property immediately vests in the survivor or surviving joint tenants when one of the other joint tenants dies. A direct consequence of this is that a joint tenancy property is not subject to disposition by a will (e.g., John Doe and Jane Doe, husband and wife, as joint tenants).

  • TENANCY IN COMMON

    Co-owners own undivided interests under tenancy in common. Unlike joint tenancy, these interests do not need to be divided equally in quantity or duration and may arise from different times. There is no right of survivorship; upon death of one tenant, his or her owned interest will vest into his or her designated heirs or devices (e.g., John Doe, a single man, as to an undivided 3/4 interest as tenants in common).

Please contact an attorney or a CPA with any questions or concerns.

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