Retain Title of Real Estate

Possessing a home is nothing like possessing any other thing. Possessing things such as a wardrobe, a laptop, or a car is simple. They are owned by a person. He or she can do with them whatever he or she wants. The way an individual possesses property is termed the way he or she retains title, or retains tenancy, to that property. How a person decides to retain title has many outcomes as to legal ownership and the way the home can be signed over when he or she dies. When purchasing a home, the individual will be asked how he or she wants to retain title. The person must ensure that he or she knows his or her choices plainly prior to choosing.

Sole Ownership

The easiest method to retain title is by retaining sole ownership of the house. As the term suggests, the person alone retains all the rights to the house. While the method of ownership is frequently used by single people, a married individual can maintain sole ownership of a property if his or her spouse is eager to authorize a document, termed a quit claim deed, which successfully disallows the spouse any rights to the property.

Joint Tenancy with Right of Survivorship

A more extensive method for some individuals to retain title mutually is termed tenancy in common. In this method, numerous people can retain either equivalent or uneven parts of one property. Two individuals can each possess 50 percent of the property. One might possess 70 percent with the residual 30 percent split between other people. Any arrangement is suitable. Any owner can freely sell, offer, or will his or her property share whenever. Any transfer could possibly bring about some tension between the co-owners. Therefore, it is the usual process to have a written contract between the owners detailing how a person can sign over his or her interest in the property.

Tenancy by the Entirety

Some states in the United States offer a particular type of joint tenancy, termed tenancy by its entirety, solely to married couples. Husband and wife retain title mutually and must decide on the property as one. This is useful if one spouse has a huge debt, as creditors cannot try for this kind of jointly-owned property. When one spouse dies, the other obtains complete title to the property.

Community Property

Property obtained during a marriage is acknowledged in nine U.S. states as community property. Husband and wife each possess half the property and each can will their half to someone else. If the community property is possessed with right of survivorship, the extant spouse will possess the entire property. The states that acknowledge this type of ownership are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.

Obtain Legal Advice

A person must ensure that he or she confers with an attorney to decide which of these choices are appropriate for him or her. Some states have extra laws or restrictions on how an individual might retain title. Therefore, it is important to obtain professional advice in this field.

If you are contemplating legal action concerning a real estate dispute, contact Byrd Davis Alden & Henrichson, LLP today. Our Austin business & litigation attorneys can offer legal advice regarding your real estate dispute.