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How many title types of ownership are there in real estate?
Tenancy in common; joint tenancy; tenancy by the entirety; tenancy in partnership; life tenancy.
What a joint tenancy warranty deed?
Both deeds transfer the ownership of real estate to a new owner. However, they relate to different aspects of ownership.A warranty deed guarantees that the grantor will defend her title to the property if any title defects arise during the period of ownership of the grantee.A joint tenancy deed provides how the grantees will hold title. By virtue of a joint tenancy, the interest of a joint tenant who dies passes automatically to the surviving joint tenant with no need of probate.Both deeds transfer the ownership of real estate to a new owner. However, they relate to different aspects of ownership.A warranty deed guarantees that the grantor will defend her title to the property if any title defects arise during the period of ownership of the grantee.A joint tenancy deed provides how the grantees will hold title. By virtue of a joint tenancy, the interest of a joint tenant who dies passes automatically to the surviving joint tenant with no need of probate.Both deeds transfer the ownership of real estate to a new owner. However, they relate to different aspects of ownership.A warranty deed guarantees that the grantor will defend her title to the property if any title defects arise during the period of ownership of the grantee.A joint tenancy deed provides how the grantees will hold title. By virtue of a joint tenancy, the interest of a joint tenant who dies passes automatically to the surviving joint tenant with no need of probate.Both deeds transfer the ownership of real estate to a new owner. However, they relate to different aspects of ownership.A warranty deed guarantees that the grantor will defend her title to the property if any title defects arise during the period of ownership of the grantee.A joint tenancy deed provides how the grantees will hold title. By virtue of a joint tenancy, the interest of a joint tenant who dies passes automatically to the surviving joint tenant with no need of probate.
How can you tell if your title is a joint tenants or tenants in common title?
The only way is to read the deed. It will specify how the title is written.For example, if it says "joint tenants", "jointly" or "tenants by the entirety", or "a married couple", it is joint title. Otherwise, if it simply lists two or more names then there is a presumption that they are are "tenants in common."Similarly, if title is passed by will, the specific words will determine if title is joint or common, as in "to my surviving children jointly with right of survivorship" or "to my surviving children."ClarificationIn some jurisdictions simply referring to the owners as a married couple will not create a joint tenancy with the right of survivorship. In those states, a tenancy in common is the default tenancy if the tenancy is not specifically created in the deed. Massachusetts is one example. In some states simply reciting joint tenants in a deed does not create a joint tenancy. The words, "with right of survivorship" must be stated clearly. You need to check your state laws regarding creation of a joint tenancy.
Can a joint tentant sell half of a condo?
No. The purpose of a joint tenancy title is to designate ownership easily should one tenant die.
What happens to proceeds from sale of property in partnership?
The proceeds must be divided equally amongst those persons who took title as partners. A tenancy in partnership is a joint tenancy.
How is joint tenancy title cleared on death of one joint tenant in North Carolina?
If you two people own property as joint tenants with the right of survivorship in North Carolina and one dies, the decedent's interest automatically passes to the surviving owner. That is the purpose for that type of tenancy. Your title is clear. You don't have to do anything except perhaps record a death certificate in the land records.
How is property held if transferred by will to several heirs?
The title would be held as tenants in common unless a joint tenancy was set forth in the will.
Can Joint Tenancy be changed to tenancy by the entirety?
If the owners become legally married, their title can be converted to a tenancy by the entirety if that tenancy is permitted by state law. The parties should consult with an attorney who specializes in real estate law to make certain the change is made correctly and effectively under state law.
What if the deed doesn't say joint tenants or tenants in common?
In the UK:You need to look for the phrase, "RESTRICTION: No disposition by a sole proprietor of the registered estate . . . ." This will appear under the sub heading Title Absolute which can be found under the main heading "Proprietorship Register". If this phrase is missing then it will be jointly ownedIf the words "tenants in common" do not appear it is presumed to be a joint tenant arrangement.In the USGenerally, the default tenancy (when no tenancy is recited) is tenancy in common. However, there are many variations from state to state. The default tenancy for married grantees is joint tenancy in some states. In my state the tenancy will be considered a tenancy in common in any deed if no tenancy is recited. You need to check your state laws.
How do you title property if not married?
If you want the property to pass to the co-owner automatically if one owner dies then you should take title as joint tenants with the right of survivorship.a) Joint Tenants, with rights of survivorship (the title automatically passes to the survivor if one dies per above). Joint tenants do have a right of survivorship, but a joint tenant may sell or give away her interest in the property. If a joint tenant sells her interest in a joint tenancy, the tenancy becomes a tenancy in common, and no tenant has a right of survivorshipb) Tenants in Common: All tenants in common hold an individual, undivided ownership interest in the property. This means that each party has the right to alienate, or transfer the ownership of, his/her ownership interest. Tenants in common do not have a right of survivorship. In a tenancy in common, persons may sell or give away their ownership interest.
If property purchased and deed was 'joint tenants with right of survivorship' doesn't property belong to spouse after the divorce then death of ex-spouse if neither party remarried?
As long as there were no changes made to the tenancy by deed the joint tenancy would remain intact and the title to the property would automatically pass to the survivor. The situation would be different if the property was held by a tenancy by the entirety.
If two people OWN a building as joint tenants with right of survivorship and one dies intestate under what law does the other own the building?
Joint tenancy developed under English common law. In jurisdictions that are based on English common law a joint tenancy with the right of survivorship creates an estate in the survivor when one owner dies. Joint tenancies have been codified in most state codes. You would need to check your state for a specific statute. In Massachusetts the law is as follows:TITLE I. TITLE TO REAL PROPERTYCHAPTER 184. GENERAL PROVISIONS RELATIVE TO REAL PROPERTYChapter 184: Section 7. Creation of estate in common, joint tenancy or tenancy by the entiretySection 7. A conveyance or devise of land to two or more persons or to husband and wife, except a mortgage or a devise or conveyance in trust, shall create an estate in common and not in joint tenancy, unless it is expressed in such conveyance or devise that the grantees or devisees shall take jointly, or as joint tenants, or in joint tenancy, or to them and the survivor of them, or unless it manifestly appears from the tenor of the instrument that it was intended to create an estate in joint tenancy. A devise of land to a person and his spouse shall, if the instrument creating the devise expressly so states, vest in the devisees a tenancy by the entirety.A conveyance or devise of land to a person and his spouse which expressly states that the grantees or devisees shall take jointly, or as joint tenants, or in joint tenancy, or to them and the survivor of them shall create an estate in joint tenancy and not a tenancy by the entirety. In a conveyance or devise to three or more persons, words creating a joint tenancy shall be construed as applying to all of the grantees, or devisees, regardless of marital status, unless a contrary intent appears from the tenor of the instrument.A conveyance or devise of land to two persons as tenants by the entirety, who are not married to each other, shall create an estate in joint tenancy and not a tenancy in common.
