If two persons are buying together, the wording of the deed determines their respective shares of ownership, their legal rights and the disposition of the property on the death of one of them. Depending on state law, types of joint ownership include: Tenancy in common. Each owner has the right to leave his or her share to chosen heirs. Joint tenancy with right of survivorship. The survivor automatically becomes complete owner.
Tenancy by the entirety. This is a special form of joint tenancy for married couples. If the owners have unequal shares, tenancy in common is the usual form. Except with tenancy by the entirety, any owner would have the right to force a division or sale of the property (partition). When there is more than one owner, it is important to check with an attorney or the title company and to make sure that the deed clearly states the desired form of ownership. |
