It is time to put your name on the deed of your new home, but what is the best way to take title?
Lisa Mitchell with EKKO Title Centreville works with the FOCUS on NoVA Real Estate team and take us through the options of how you can take title for real estate so you know the best option for your situation.
You can take title three different ways.
- Tenants by the Entirety with full common law of survivorship. -reserved for only married couples
-each owner has 100%full ownership of the property
-when one spouse dies title automatically vests to the surviving spouse. - Joint Tenancy with right of survivorship
-held by persons not married
-each has 100% interest in the property.
– upon death of one joint tenant title automatically Vesta to the surviving tenant. - Tenants in common
-two owners own the property 50/50% interest unless stated otherwise.
-upon death of a tenant their share of the property vests to their heirs.
*Always consult a real estate attorney for advice on how to take title or answer questions concerning the correct way to take title.
