How you take title to a property is a very important decision which depends on your specific situation. When real estate is purchased, that person(s) is the recipient, or grantee, on a deed. The deed is a legal document used to hold ownership in real estate. It specifies how the owner(s) are taking title which establishes the legal rights each owner(s) has. There are three ways you can take title, tenants in common, joint tenants with rights of survivorship and, tenancy by the entirety. Today we will talk about:
TENANCY IN COMMON
Tenancy in common is a shared ownership interest of property, where each owner owns a share of the property. These shares can be of unequal size, however, all owners have the right to occupy and use all of the property. Tenants in common provides inheritance rights for the heirs of each owner. If one owner dies, the interest the deceased person has does not automatically pass to the other owner(s). Instead, that interest is transferred to the estate of the deceased owner.
Bradford Miller Law can help you with all your real estate needs at a very reasonable rate. We can help you make the right decisions to help protect your assets. Our experienced Real Estate Attorneys have been representing real estate clients for several years now and have earned membership in the Better Business Bureau. Please feel free to visit our website for information about our firm and information about buying or selling a home. To discuss your pending or potential real estate transaction call us at 312-238-9298 for a Free 15-minute consultation.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
134 N. LaSalle, Suite 1040
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
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