Joint Real Property Ownership

April 14, 2022- For starters, what is meant by real property and why should anyone even care about this subject?

Real property refers to land and everything permanently attached to it, so an example of real property is vacant land or land with a house on that land.

Why should you care? How you own joint property determines whether your heirs or beneficiaries will receive the property upon your death or whether it will go to your fellow joint owners.

Here’s some info on the following types of joint ownership with respect to death-

Tenants in common– when an owner dies, their interest passes to their heirs or beneficiaries

Joint tenants with right of survivorship– when an owner dies, the remaining owners receive the deceased owners interest

Tenants by the entirety– ownership similar to the joint tenants with right of survivorship, but for spouses

What issues can arise? If the ownership is a joint tenancy with rights of survivorship and you pass away, your family will not be inheriting, and this may be a surprise to them. If the ownership is a tenancy in common and one of the other joint owners passes away, you may find yourself in joint ownership with someone you do not care for. Therefore, you want to make certain you understand the repercussions of the different types of joint ownership.

Please note this is a general legal information, so if you do have any questions or concerns, you should consult an attorney.

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