Relocating to Utah: Two different ways to Hold Title on your new home

By
Real Estate Agent with Results Real Estate 801.580.5624 5642270-PBOO
Ever wonder what the general difference between Tenancy in Common and Joint Tenancy are? When you purchase a home you "hold title" on that property. Here are two ways you can hold title. For specific information regarding this, contact an attorney.

Tenancy in Common:

Parties: Any number of persons or entities (can be husband and wife) Ownership:  Ownership can be divided into any number of interests, equal or unequal Title: Each co-owner has separate legal title to their undivided interest Conveyance:  Each co-owner's interest may be separately conveyed Purchasers' Status:  Purchasers become tenants in common with the co-owners Death: Upon a co-owner's death, their interest passes by will or if no will, state intestacy to their devisees or heirs.  No survivorship right. Successors' Status: Devisees or heirs become tenants in common Creditors' Rights: A co-owner's interest may be sold on execution sale to satisfy creditors.  Creditors become tenants in common Presumption:  Grant to multiple parties creates a tenancy in common presumption.  

JOINT TENANCY

Parties:  Any number of persons, not entities (Can be husband and wife) Ownership: Owner interest must be equal Title: There is only one title to the whole property Conveyance: Conveyance by one co-owner without the others breaks the join tenancy as to the party who conveyed. Purchasers' Status: Purchasers from one co-owner will become a tenant in common Death: On co-owner's death their interest automatically transfers to the surviving joint tenant(s), outside of any probate proceeding Successors' Status: Last survivor (s) owns property in whole Creditors' Rights:  A co-owner's interest may be sold on execution sale to satisfy creditors.  Joint Tenancy is broken.  Creditors becomes a tenant in common. Presumption: Must be expressly stated, unless a married couple.  If married, presumed to be joint tenancy.      
close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
Utah Salt Lake County
Groups:
Posts to Localism
Local Expert
Advice for Sellers
Advice for Buyers
Hyper-Local
Tags:
joint tenancy
tenancy in common
relocating to utah
ways to hold title in utah

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainer
206,584
Marge Piwowarski
Phoenix AZ Horse Property - Phoenix, AZ
Phoenix AZ Horse Property, LLC

People often do not get the right advice about taking title and it is a bit of a hassle to change it later, even if all parties are in agreement.  Timely Post!

Mar 28, 2012 10:57 AM #1
Rainmaker
1,940,946
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

KIm

Great points and advice. I would think single people could take title as severality also

Apr 01, 2012 10:43 AM #2
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
459,273

Kim Boekholder Utah Real Estate

Broker, Results Real Estate
Whats My Salt Lake Home Worth?
*
*
*
*
Spam prevention

Additional Information