How Do I Establish A Joint Ownership?
Most people wish to share ownership on real properties but are unclear about the available legal options through which they can establish joint ownership in a property. Although individuals take ownership over property or land, they can legally invite or join hands with another party. A real estate attorney monroe nc can be contacted to receive relevant information about joint ownership and how a professional lawyer can help through the legal proceedings.
Along with joint ownership, several factors come that might affect both the parties involved in the property. Hence, you must take adequate preventive measures with an attorney’s help. If not, it can complicate the steps to claiming ownership and put the property at stake.
Here are some ways to establish joint ownership:
- Tenants in common
Usually, a property owned by two parties or individuals with undivided portions, the partners are referred to as tenants in common. In case if you are planning on owning a property with a partner, then a tenant in common is a better option since there are no survivorship rights, and the property is free to use with no divided boundaries or lands. Additionally, if one partner dies, then the heir of the deceased partner takes ownership of the property.
- Joint tenants
A joint tenant is a type of joint ownership similar to tenants in common. However, it provides the additional benefit of survivorship rights where if one of the partners dies, the ownership is automatically inherited by the living partner. In some cases, if the partners in the joint tenants’ ownership do not intend to have survivorship rights, they will automatically be considered tenants in common by law, where the owner will be transferred to the deceased partner’s heir.
- Tenants by entirety
Suppose a married couple holds the ownership of a property. In that case, it is presumed that joint ownership is considered tenants by entirety since two partners in a marriage are considered a single entity. Although joint ownership in a marriage can be affected due to divorce, death, or transfer of ownership in general.
There are three ways that two individuals can establish joint ownership by law. Generally, joint tenancy with survivorship rights is the common type of joint ownership achieved by partners, but it can vary according to their interests. A lawyer can also help choose the proper joint ownership if it is a crucial decision between business partners Learn More