Understanding: Co-Ownership & Taking Title
Whether you are buying a house with your spouse, a friend, a business partner, or a family member, co-ownership situations require the property owners to decide how they are going to take title.
Tenancy in Common
A form of holding title in which owners each own a specific portion of the property. When an owner passes away, their heir would step into the same percentage that they owned.
Tenancy by the Entirety
A form of holding title reserved only for married couples that provides extra protection for the primary marital residence.
Joint Tenants with the Right of Survivorship
Each owner owns half of the property, with an equal right to use the whole property. On the occasion of the death of one person, the whole property passes to the other.