While checking out homes for sale in South Carolina, you research real estate titles. What do you know about the ways to hold and take a title for a residential property?
The American Bar Association breaks down various options for holding a title. Learn which parties you may want to include or remove from your title.
Joint ownership with right of survivorship
If you plan to live in your home with multiple residents, you may feel comfortable holding a joint ownership with right of survivorship title. That way, you all own a whole interest in the home. That way, if a housemate dies, that person’s interest shifts to the remaining residents. While you all may transfer your interest before death, doing so invalidates the survivorship characteristic to the degree of the shifted interest.
With sole ownership, a single person holds the house’s title. Once you hold a sole ownership, you may transfer it as you see fit.
Tenants by the entirety
Only wife and husband may take a tenants by the entirety title, but the option does not exist everywhere in the U.S. With this title type, neither spouse may shift interest to a third person without the other individual agreeing to join the mortgage or deed. The title becomes tenants in common if the couple ends their marriage or if they were not legally married in the first place. Should one spouse die while holding the title, house ownership shifts to the surviving partner.
Determine which title makes the most favorable fit for you and your situation. Knowing your options may help you enjoy being a homeowner even more.