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

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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.  


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.      

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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
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!


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

Apr 01, 2012 10:43 AM #2
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Kim Boekholder Utah Real Estate

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