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 BY THE ENTIRETY
Tenancy by the entirety is a form of ownership held by a husband and wife. Each spouse owns the undivided whole of the property together as a single legal entity. Generally, the couple must divorce, obtain an annulment, or agree to amend the title to the property to extinguish a tenancy by the entirety. Creditors of an individual spouse may not attach and sell the interest of a debtor spouse: only creditors of the couple may attach and sell the interest in the property owned by tenancy by the entirety. A tenant by the entirety may not sell or give away his interest in the property without the consent of the other tenant. Upon the death of one of the spouses, the deceased spouse's interest in the property devolves to the surviving spouse, and not to other heirs of the deceased spouse. This is called the right of survivorship.
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
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