The way it should be

Consumer First Title & Escrow, LLC

428 McLaws Circle, Suite 202A Phone: (757) 645-4137

Williamsburg, VA.  23185 Fax: (757) 645-4187

office@consmrfirst.com


REAL ESTATE SYNOPSIS

 

 

Below are various ways you can own title to a piece of property.**  


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.

 

**Consumer First Title & Escrow, LLC cannot offer legal advice and these descriptions are for informational purposes only.  If you have any questions regarding how you should take title we can refer you to a real estate attorney for more information.


(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.