How you take title is very important!

[Brenda Flatter]

When investing in real estate for the long run, how you take title is very important! In order to protest your interest and that of your heirs, please discuss this with your attorney and title company!
Here are the 3 most basic ways.

• TENANCY IN COMMON- An undivided ownership in real property by two or more persons. The interest need not be equal, and, in the event of the death of one (or more) of the owners (co-tenants), no right of survivorship in the other owners exist and the interest of deceased co-tenants passes to his or her heirs.
• JOINT TENANCY WITH FULL RIGHTS OF SURVIVORSHIP- An undivided interest in real estate property, taken by two or more joint tenants. The interests must be equal, occurring under the same conveyance, and beginning at the same time. Upon the death of a joint tenant, the interest passes to the surviving joint tenant(s), rather than to the heirs of the deceased joint tenant.
• TENANCY BY THE ENTIRETY (OR A MARRIED COUPLE) - A form of ownership exclusively reserved for a married couple. As tenants by the entirety, a married couple owns all interest in the real estate and this tenancy can only be terminated by the death of one of the tenants, the dissolution of the marriage of the tenants or a conveyance of the interest in the property. Neither spouse, acting alone, can convey or encumber to a third person an interest in property held as tenants by the entirety. In the event of the death of one of the spouses, the survivor owns the property. In the event of dissolution of the marriage, the former spouses hold the property as tenants in common (unless the judgment of divorce provided otherwise).