Buyers seldom give much thought to the way they want their newly purchased property titled. HomeBuyerConsultants.Com Inc. provides the following options to consider. If a buyer has any concern about which method to have the property titled, they should consult a lawyer.

Joint Tenancy with the Right Of Survivorship

This is the most common method of ownership. In joint tenancy the surviving joint tenant(s) receive title to the property when a joint tenant dies. There is no probate and the will of the deceased joint tenant has no legal standing. (Wills are still important in case all the joint tenants are killed in an accident at the same time.) Joint tenants own equal shares of the property and can deed their share of ownership to someone else without approval of the other joint tenant(s).

Tenancy by the Entireties

In most states married couples have this method of ownership. In tenancy by the entireties the surviving spouse receives title to the property when a spouse dies. There is no probate and the will of the deceased spouse has no legal standing. (Wills are still important in case both are killed in an accident at the same time.) A spouse can not deed their share of ownership to someone else.

Community Property

Some states have community property laws that give married couples one half of any property acquired during the marriage. In effect, the ownership is by tenancy by the entireties.

Tenants in Common

Each person owns an interest in the property which is not necessarily equal interests. There is no right of survivorship. If a tenant in common dies, their share of the property goes to their heirs through probate or as their will specifies. A tenant in common can sell or mortgage their interest in the property without approval of the other owners. In most states if the deed does not specify the type of ownership, the law assumes it is tenancy in common.