REAL ESTATE SYNOPSIS

_______Tenants in common - an undivided ownership in real estate by two or more persons.  The interest need not be equal, and, in the event of death of one of the owners, no right of survivorship in the other owner exists.

______Joint Tenancy - an undivided interest in property, taken by two or more joint tenants.  The interest must be equal, accruing under the same conveyance, and beginning at the same time.  Upon the death of a joint tenant, the interest passes to the surviving joint tenants, rather than the heirs of the deceased.

______Tenancy By the Entirety - a form of ownership by husband and wife whereby each owns the entire property.  In the event of the death of one, the survivor owns the property without probate.

(Above definitions provided from the Financial Real Estate Handbook, Sixth Edition)

NOTE:  If taking title in a trust, please provide a copy of the trust agreement or attorney certification that states the authority of the trustee with regard to real property. Additional requirements may be requested on a case by case basis.