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Real Estate t=)
Eileen M. Day REALTOR BS‘
JOINT TENANCY &
SURVIVORSHIP
When married couples buy a home, they usually take title to the property as joint tenants. The primary advantage of joint tenancy is its survivorship feature. This means the joint tenant owner who outlives the other joint tenant will own the property as his or her separate property. .Husbands and wives often take title as joint tenants with right of survivorship because of the supposed security knowing that when one spouse dies, the surviving joint tenant spouse will own the full property. Even if a joint tenant's will leaves all his property to someone else at his death, the will has no effect on the joint tenancy property.
If a joint tenant owner decides he wants to end a joint tenancy before his death, he can deed his share to another person. Such a deed breaks up the joint tenancy without the consent of the other joint tenant. However, if husband and wife hold title in joint tenancy by the entireties, one spouse can't convey his or her interest without the other spouse's consent. If you are unsure about how you want title to your property, check with your attorney. There are many ramifications.
If there is anything we can do to help you in the field of real estate please stop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, Va. 22747. Phone 675-3033. We’re here to help.
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