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School Reports in Front Royal, Shenandoah Valley and Winchester, Virginia
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Real Estate Tips
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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Real Estate Trivia
Q 
What famous person said this? "Real Estate is the best investment in the world because it is the only thing they're not making anymore!"

A 
Will Rogers, who began his career as a rope-throwing cowboy and later became a famous stage and film star.
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Wendy Thrane, REALTOR®, real estate agent and broker for Front Royal, Shenandoah Valley and Winchester, Virginia home listings, property and land for sale - NUMBER1EXPERT(tm)

Wendy Thrane
Weichert Realtors

West Virginia licensed: Gina Chatham Broker
824 John Marshall Highway
Front Royal, VA 22630
540-683-1597
Fax: 540-635-1631
WendyThrane@NUMBER1EXPERT.com

Top 5% of Blue Ridge Board of Realtors President's Award 2008, 2009



Licensed in West Virginia
Gina Chatham, Broker
663 Potomac Station Dr.
Leesburg, VA 20176
703-777-3977

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