Take Ownership of Cedar Rapids Property
When you take ownership of Cedar Rapids property, you will receive a piece of paper called a “deed,” which shows you have title. As if carved in stone, this deed explains how you want to own the property.
Be careful how you register your ownership. When you and another person or persons are buying a house together, you can hold the property either as tenants in common (TIC) or as joint tenants with the right of survivorship (JTWROS). You still own the home in each scenario, but joint survivorship eases title transfer after death.
However, suppose you and a friend buy a vacation property together. You intend to provide a place for your family to go for years after you are gone. You and your friend register the deed as joint tenants with the right of survivorship. If you die, the property goes to your friend, and your heirs are shut out. That’s not what you intended.A better way to purchase the property would be as tenants in common. When you die, your half will go to your heirs.
Take Ownership of Cedar Rapids Property
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Joint tenants with right of survivorship
Each tenant has the right of survivorship, meaning that if one owner dies, that owner’s interest in the property will pass to the surviving owner or owners. The interest in the property of the deceased owner simply evaporates, like a fish who has thrown the hook. The investment cannot be inherited by his or her beneficiaries. Unlike a tenancy in common, where co-owners may have unequal interests in a property or fractional ownership, joint co-owners each have equal shares in the property. This form of holding title is most common between husbands and wives or parents and children, where the joint tenants want the title to pass automatically to the surviving tenant.
· Tenants in common
According to Reality Biz News, “A sometimes forgotten structure for real estate ownership is Tenant-In-Common (TIC). This form of ownership is commonly used by unmarried couples buying a home together when the owners have different percentages of ownership. However, it certainly isn’t limited to unmarried couples. In many circumstances, it can be the preferred way for two or more business partners to take a deed of the property. The deed lists specific ownership percentages for each co-tenant.”
Each tenant in common owns his or her own separate and distinct share of the same property. The size of this ownership share may vary, but each person has an undivided, equal right to use and occupy the entire property. When a tenant in common dies, his or her share of the property goes to his or her beneficiaries, rather than to the other tenants in common. This form of holding title is most common with unmarried persons, especially if they each contribute a different amount towards the property.
Seek a professional’s help take ownership of Cedar Rapids property. Ask if each form registration accomplishes what you intend after you pass.
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