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Titles >Ways to Hold Title

When two or more people purchase property together, there are three ways that the title can be held. Knowing the implications of each form of ownership will help you decide how to write your deed.

"Tenancy by the entireties" is reserved exclusively for married people. Both husband and wife own an undivided interest in the property. On the death of one party, the surviving spouse owns the entire property and no probate will be necessary. When unmarried persons buy a home together, they should seek legal advice regarding how title should be held. As "tenants in common" each party owns a percentage interest in the property. On the death of one party his or her interest does not go to the surviving owner but is distributed in accordance with the will of the deceased, whose estate must be probated. As "joint tenants" each party owns an undivided, equal interest that passes automatically to the surviving joint tenant. Probate is not necessary if the deed reads "joint tenants with rights of survivorship".

It is important to know that in most courts, if a deed is written without specification of how title is held, the property is titled as "tenants in common."

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Q	What is the most expensive piece of property ever recorded?
A	In October 1988, the Mediya Building in central Tokyo was quoted at 358.5 million yen ($248,000) per square foot.
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Shawn & Karen Hittenberger, REALTOR®, real estate agent and broker for Creswell, Springfield and Eugene, Oregon home listings, property and land for sale - NUMBER1EXPERT(tm)

Shawn Hittenberger
Windermere Real Estate - Lane County
1600 Oak St.
Eugene, OR 97401
phone: 541-895-3230
Fax: 541-895-2801
Cell phone: 541-228-7090
shawnhittenberger@NUMBER1EXPERT.Com
If your're looking to buy your dream home or sell your current property in Eugene-Springfield, Creswell or the surrounding areas, give us call or email us. We are Commited to Your Success in Lane County Oregon real estate.

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