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f=> ReaI Estate
Eileen M. Day realtor
WHICH TITLE
FOR MARRIEDS?
When you buy a new home, you'll have to decide what form of ownership you'll want The most common way for husbands and wives to own property is by joint ownership, either in the form of joint tenancy with the right of survivorship or tenancy by the entirety.
Under either form, if one spouse dies, the other joint owner becomes sole owner of the property. This happens automatically. bypassing probate. avoiding delays and usually trimming the cost ot settling the estate.
I he two kinds of joint ownership dilter in some respects, and many states don't recognize tenancies by the entirety. You may want to have your lawyer's advice before vou take title. He will probably point out some restrictions, such as one spouse not being able to dispose of the property held as tenants by the entirety without the other's consent. If you live in a community property state, state law will affect the form of property ownership you use
It there is anything we can do to help you in the field of real estate, please phone or drop in at EILEEN M. DAY. Realtor. The C'lopton House, Washington, VA 22747. Rhone. 675-3400. We re here to help.
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