When two or more people purchase property together, there are three ways that the title can be held. Knowing the implications of each form of ownership will help you decide how to write your deed.
"Tenancy by the entireties" is reserved exclusively for married people. Both husband and wife own an undivided interest in the property. On the death of one party, the surviving spouse owns the entire property and no probate will be necessary. When unmarried persons buy a home together, they should seek legal advice regarding how title should be held. As "tenants in common" each party owns a percentage interest in the property. On the death of one party his or her interest does not go to the surviving owner but is distributed in accordance with the will of the deceased, whose estate must be probated. As "joint tenants" each party owns an undivided, equal interest that passes automatically to the surviving joint tenant. Probate is not necessary if the deed reads "joint tenants with rights of survivorship".
It is important to know that in most courts, if a deed is written without specification of how title is held, the property is titled as "tenants in common."
Christina Danley Sotheby's International Realty 200 Clocktower Suite 100D Carmel, CA 93923 Cell: 831-601-5355 Fax: 831-855-0210 christina.danley@sothebyshomes.com
Christina Danley ranked in the top 5% for all Monterey Peninsula Sotheby's Real Estate Agents in 2009, and top 20% for 2008. Christina has been a broker associate since 1987. Christina earned the Certified Residential Specialist (CRS) designation, which distinguishes a higher level of education in real estate and a professional affiliation affording up-to-the-minute industry information and local market knowledge. She is the proud receiver of the John Leo Award, in recognition of top sales volume within the Monterey County Association of Realtors, for 1998. She holds a lifetime limited service credential for California Community Colleges and was honored with the Papa Vince award for excellence in hospitality.
www.mbayrelo.com
is brought to you by Christina Danley
NUMBER1EXPERT in real estate for Carmel, Pebble Beach, Pacific Grove and Monterey, California
- NUMBER1EXPERT 
