Holding Real Estate as Joint Tenants

//Holding Real Estate as Joint Tenants

Holding Real Estate as Joint Tenants

Joint tenancy is a common method for owners of real estate to hold title together. A significant difference between holding title as tenancy in common or joint tenancy is that in a joint tenancy, when one owner dies, the surviving owner or owners acquire the deceased owner’s share automatically. Joint tenancy can be one way to avoid probate.

The usual way to designate a joint tenancy is by declaring in a deed “To A and B as joint tenants, with right of survivorship.” It is also important to note that one joint tenant can terminate the joint tenancy and make the joint ownership a “tenancy in common” without the consent of the other joint owners. Severing the joint tenancy can occur when one joint tenant does not want to have his or her share go the other owner or owners of the property.

Upon the death of one joint tenant, the surviving owner or owners can record with the county recorder and Affidavit of Death of Joint Tenant in order to clean title of that person’s name. Ultimately, the Affidavit of Death of Joint Tenant tells the public that the deceased owner no longer is on title to the property.

If you require the assistance of knowing how to hold title or to record an Affidavit of Death of Joint Tenant, please contact Attorney Anthony Marinaccio at 818-839-5220 to set up a complimentary initial consultation.

By | 2017-12-02T02:58:42+00:00 November 20th, 2017|Real Estate|Comments Off on Holding Real Estate as Joint Tenants