What does taking title mean??

By
Real Estate Agent with Century 21 Redwood Realty License # 0225028579

You're buying a home

 The REALTOR or settlement agent asks "How would you like to take title?"

You're thinking what the heck are they talking about?

 

Here's what they're talking about....

friendsYou buy a property with a friend.  Maybe you're buying an investment property or a condo at the beach.  You are really good friends but let's face it, if you die, you won't be leaving them anything in your will.  You want your family to inherit your worldly goods.  You will take title as tenants in common.  If you're wondering where it shows up, you'll find it notated on the deed.

 

The next scenario is very similar to the first.  You're buying the same sort of property or maybe you're moving in to it.  This time though, you want the person or persons you're are buying it with to inherit your portion.  You would take title as joint tenants with rights of survivorship.  When a property is held as joint tenants, it does not go through probate and if you put something in the will that is contrary to the deed, the deed wins.

 

 

 

 

You're married.  You and your spouse are buying a home together.  You definitely want him to have the property when you die.  This is called tenants by the entirety.

 

And now for my disclaimer....this gives you a basic idea of how you can own property and to whom it goes when you die.  I sell real estate in Virginia.  The ways to own real estate in your state may be different.  Please contact your REALTOR or an attorney for the specifics.  Don't have a REALTOR, call me.

 

 

 

 

Posted by

Got real estate needs? You Gotta Have Pav!

Comments (5)

Martha Brown
Long & Foster Real Estate, Inc., Annapolis MD 21403 - Annapolis, MD
Your Homes Around Annapolis Agent

very nicely put and easy to understand. :0)

Aug 11, 2011 02:53 PM
Nancy Pav
Century 21 Redwood Realty - Ashburn, VA
Nancy Pav, Your "GottaHave" Realtor

Thanks Martha!

Aug 18, 2011 03:31 PM
Anonymous
Anne

So good to get advice from someone so trusted and knowledgeable. Looking forward to your future blogs.

Aug 18, 2011 09:39 PM
#3
Anonymous
Chuck

Nice blog!  

Check out the link for your web site - I appears to be a broken link...come up with an error when I click on it.

Aug 18, 2011 10:11 PM
#4
Nancy Pav
Century 21 Redwood Realty - Ashburn, VA
Nancy Pav, Your "GottaHave" Realtor

Thanks Anne.

Chuck, I'll fix that, thanks for letting me know!

Aug 19, 2011 12:26 AM