Ten Ants in Common

Ten Ants in Common

When purchasing a home, a buyer possesses all interests or each owner shares in equal or unequal percentages, while maintaining privileges to all areas. This means that all have the right to use a property in its entirety.

HOME is where the 💟 RESIDES.

Types of home ownership:

Tenancy In Severalty

The description is a little confusing because it is a one person or single corporation ownership. The term "sole and separate" is also used to describe this type of property ownership. It has been commonly referred to as sole ownership.

Tenants in Common

An estate where two or more people have interest in a property. If one owner wants to move on, the interest in the property can be sold to a ready buyer. No right of survivorship, their interest goes to heirs, instead of the other tenant.

Joint Tenancy

This type of ownership involves a right of survivorship, which means that, upon death, the interest in the property passes to the other. Of course, getting paperwork written up by an experienced,  practicing attorney is also recommended.

 Tenancy By Entirety

This form of ownership is only available to married couples and means the property may not be sold without the agreement of both people. In addition, if one of them dies, all interest in the property reverts to their surviving spouse.

Community Property

Only available in nine states currently: Arizona, California, Idaho, Louisiana,Nevada, New Mexico, Texas, Washington, and Wisconsin.  Joint ownership of all property acquired during a marriage except property acquired by gift or will.

HAPPINESS is BUYING the right H💙ME.

A basic understanding of how each works is important. Prior to purchasing property, hire an experienced real estate agent for advice on how to proceed. That way, no unsavory surprises down the road occur because someone failed to know the difference!