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Titles >Ways to Hold Title

When two or more people purchase property together, there are three ways that the title can be held. Knowing the implications of each form of ownership will help you decide how to write your deed.

"Tenancy by the entireties" is reserved exclusively for married people. Both husband and wife own an undivided interest in the property. On the death of one party, the surviving spouse owns the entire property and no probate will be necessary. When unmarried persons buy a home together, they should seek legal advice regarding how title should be held. As "tenants in common" each party owns a percentage interest in the property. On the death of one party his or her interest does not go to the surviving owner but is distributed in accordance with the will of the deceased, whose estate must be probated. As "joint tenants" each party owns an undivided, equal interest that passes automatically to the surviving joint tenant. Probate is not necessary if the deed reads "joint tenants with rights of survivorship".

It is important to know that in most courts, if a deed is written without specification of how title is held, the property is titled as "tenants in common."

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Q	What acclaimed house built of stone, concrete, and glass is built over a waterfall?
A	Fallingwater in Mill Run, PA, built by architect Frank Lloyd Wright, is one of the most-visited homes in the U.S.
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Honey L.D. Borla & Associates, REALTOR®, real estate agent and broker for Las Vegas, Centennial Hills and Summerlin Nevada home listings, property and land for sale - NUMBER1EXPERT(tm)

Honey L.D. Borla: Broker-Manager
Honey LD Borla & Associates - ERA Town & Country
9691 Trailwood Drive Ste 106
Las Vegas, NV 89134
Office: 702-796-8696
Direct: 702-860-5574
Fax: 866-468-0335
Email: Honey.Borla@ERA.com
As the group leader, trainer, and driving force of the Honey Borla Group, Honey manages the group operations, as well as creates and designs innovative marketing and customer service strategies. With 19 years of experience, including 5 years as a lender, Honey is currently in her 4th year as a Director for the Greater Las Vegas Association of Realtors and as State Director for the Nevada State Association of Realtors. Honey is a former By-laws Chair and, for the past 8 years, has provided her experience by being a member of the Professional Standards committee of the Greater Las Vegas Association. In 2004, Honey served as the state president for CRS, (Certified Residential Specialist). This national organization has a membership of approximately 140,000. This designation is comparable to holding a Master’s degree in Real Estate. Honey is serving currently as the local chapter president of this organization.

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