Listed below are
various forms of tenancy commonly used. The Purchaser should
designate which tenancy will best suit your needs with regard
to the property you are purchasing and we will forward this
information to the attorney designated to prepare your legal
documents:
Tenants By The Entirety With The Common Law Right Of
Survivorship
Only husband and wife may hold title with this tenancy.
Should one spouse predecease the other, title to the property
automatically vests in the survivor. A lien or judgment
filed against only one spouse will not be a lien against
the property.
Joint Tenants With The common Law Right of Survivorship
Any two or more persons may hold title with this tenancy.
As with Tenants by the Entirety, should any one owner predecease
the other owner(s), title automatically vests in the survivor(s).
A lien or judgment against any one owner will be a lien
against the property. Upon the sale or encumbrance of the
property, spouses of any owner will be required to join
in the conveyance.
Tenants In Common
Any two or more persons (including husband and wife) may
hold title with this tenancy. Each person has any undivided
fractional interest in the property. In the event of an
owner's death, his or her percentage interest will vest
in the heirs or devisees under his or her will. If any owner
with this tenancy is married, a spouse would be required
to join in the encumbrance or disposition of the property.
NOTE: Husband and wife may hold their undivided fractional
interest as Tenants by the Entirety with other owners holding
title to their undivided fractional interest with another
tenancy.
Individual Ownership
Title is conveyed to one owner. A spouse would have to join
in an encumbrance or sale of the property. |