Real estate title and possession

There are two important definitions I thought I would share with new buyers out there that may need to decide on how to take title to a property when purchasing property with another individual. How a buyer takes title can have impact on financing, estate planning, tax implications.

Obviously if you are buying this as a sole owner, then it’s pretty simple in terms of how you take title. But when purchasing a real property with another individual, you can choose the following ways to take title.

1. Tenancy-in-common: key here is any tenant-in-common owner can sell his/her interest in property as see fit or designate someone to inherit the his/her share of the property if something happens.

2. Joint tenancy: This is used mainly by husband and wives, where the main difference is that if one joint tenant dies, the surviving joint tenant immediately becomes the sole owner.

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