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Ways of Holding Title
What is the best way to hold title? There are many different angles to purchasing property and many decisions to make. One of the main decisions to be made is which method of holding title is the most applicable and appropriate for a particular parcel. Real Property can be owned by a single owner or by many owners and it is very important to understand the process in order to make a wise decision. Let’s take a look at the process.
Someone who owns a property by themselves is referred to an owner in severalty. When there is more than one owner of a property, title can be held as joint tenancy, community property, (with or without right to survivorship) or tenancy in common. With so many choices available, what is the best way to hold title? Here is a look at how each method is defined.
Joint Tenancy
Joint tenancy is when two or more people hold title together with equal shares in the property. There is an automatic right to survivorship, meaning that if one of the joint tenants passes away, the interest in the property continues to the other joint tenants. This method is common among long term relationships without marriage. ... more

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