Taking Title to Your Overland Park Real EstateTaking Title to Your Overland Park Real Estate
There are so many details to consider when purchasing a new home and mounds of legal paperwork to read that sometimes it seems overwhelming. Some important decision can be made ahead of time so you know what is in your best interests when the time comes. For example, right at the end when the paperwork is being signed you may be asked how you want to take title. This is an important decision that should not be rushed but often is. Knowing some of the common forms of Overland Park real estate ownership ahead of time is one way to protect yourself.
A single buyer will usually want to take title in his/her name alone. Husbands and wives usually own property through a form of joint ownership such as joint tenancy. Unrelated individuals can take title in a limited partnership arrangement. The following overview of each type of area real estate ownership is not meant to replace the need for legal advice on what is best for you.
Tenancy in Common
Each owner has a separate title to an undivided interest in the entire property. Each owner is allowed to sell, mortgage or give away his/her interest. Any number of people can take Tenancy in Common ownership of Overland Park real estate and husband and wife may choose this option as well. When an owner dies, his/her interest passes by will to his/her heirs. In other words, there is no survivorship right.
Each owner has an equal interest in the Overland Park real estate. If one owner dies, that person’s share of the property passes automatically to the other without going through probate. Any number of people can take ownership under Joint Tenancy and husband and wife may choose this option as well. Unlike Tenancy in Common, Joint Tenancy interests must be equal. An unlike Tenancy in Common which gives each co-owner separate legal title, Joint Tenancy gives only one title to the entire property.
Only husband and wife can take title to Overland Park real estate in this way. Title is in the “community”
Tenancy in Partnership
The partnership has title to the property, not the individuals. If a partner dies, his/her partnership interest passes to the surviving partner or partners pending liquidation of the partnership. The deceased partner’s share then goes to his/her estate.