Tenancy Selection
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| 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. |
