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The Way You Hold Titles... Affect The Taxes & The Sale Or Inheritance Of The Property

The Three Most Typical Ways To Hold Title

A title is the legal right to use and modify the property how you see fit, and/or to transfer interest or any portion that you own to others via a deed. A deed represents the right of the owner to claim the property. As opposed to the title, that describes who is the ultimate holder of the property. The options below are brief examples of the most typical ways you may hold title. If you should require further explanation or advice related to the options below, you should contact an attorney. Mitch is not an Attorney and cannot provide any legal advice.

  • HUSBAND
    AND WIFE

    Married Couple Creating A Tenancy By The Entirety
    HUSBAND AND WIFE
    Or Married Couple creating a tenancy by the entirety, which means upon the death of one spouse, the whole estate remains in the sole ownership of the surviving spouse... when one spouse dies, the other spouse immediately receives title to the full property without the need for probate or intestate succession.
  • TENANCY
    IN COMMON

    Each Party Owns An Undivided Interest In Real Estate
    TENANCY IN COMMON
    Which means each party owns an undivided interest and upon the death of a party, their interest passes to their estate and not to the surviving co-tenants(s). With this option you will need to indicate the percentage of ownership for each co-tenant.

    Your Buyer’s Agent and the title firm will also need if you intend to hold title in an LLC, Trust, Partnership or Corporation. If yes, then you will need to provide proof of existence of the entity such as: Trust copy, copy of Partnership, etc. You will also need to indicate who will be signing on behalf of the entity and their title or position within the entity.
  • JOINT TENANTS
    FULL RIGHTS

    Interest Passes To The Surviving Joint Tenant(s)
    JOINT TENANTS WITH FULL RIGHTS OF SURVIVORSHIP
    This means that upon the death of a joint tenant their ownership interest passes to the surviving joint tenant(s).

    Your Buyer’s Agent and the title firm will also need if you intend to hold title in an LLC, Trust, Partnership or Corporation. If yes, then you will need to provide proof of existence of the entity such as: Trust copy, copy of Partnership, etc. You will also need to indicate who will be signing on behalf of the entity and their title or position within the entity.

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