When two or more people buy the same piece of property, they must take title together on the deed. You may take title, or ownership, with other people in more than one way, with two common tenancies known as "joint tenants" and "tenants in common." Each
or the joint tenancy may be converted to tenancy in common among the remaining tenants.Any tenant can sell their ownership stake at any time for any reason. If an owner passes with no will in place, the property goes to probate.
All the property’s owners must establish joint tenancy at the same time. Tenants cannot be added to a joint tenancy with rights of survivorship later on. If these requirements are not met, the arrangement is not a joint tenancy with rights of survivorship; instead, the state will treat it ...
Your share can also be protected in terms of inheritance, and this can be left to whoever you wish – it doesn’t need to be the other tenants. You will be bound by a Deed of Trust, also known as a Declaration of Trust, which is a legal document drawn up by a solicitor for tenan...
All the property’s owners must show their interest as a joint tenant with the same legal instrument, such as a deed. All the property’s owners must establish joint tenancy at the same time. Tenants cannot be added to a joint tenancy with rights of survivorship later on. ...