The following information is intended only to give a brief description of the common ways of holding title and is not provided for the purpose of advising you how to take title.
If further information is desired about creditors rights against the title, advantages and disadvantages with respect to estate planning and other practicalities, you should seek legal counsel from your attorney or retain an attorney for advice in these matters.
In order to properly prepare the mortgage documents we require information from you as to how you intend to take title to the real estate.
The most common ways two or more persons may hold title to real estate are:
Tenant in Common
What Happens Upon Death
1. When title is held as Tenants in Common, it is necessary to probate the estate of the deceased before the real estate may be sold or mortgaged. There is no right of survivorship.
2. When the title is held as Joint Tenants, the title automatically succeeds to the surviving title holder or title holders without the necessity of a court order before the real estate may be sold or mortgaged.
3. In some states property may also be held as Tenants by the Entirety. This is a form of joint tenancy available only to married couples. Please ask us if this type of tenancy is available in your state.
Who has Control and Management?
1. When title is held as Tenants in Common or Joint Tenants, the rents, control, management and possession of a property is in the owners equally, in the absence of an agreement to the contrary, but the individuals can divest themselves of their individual share in the property without the joining in of the others.