Update 3-16-2016: Taking Title to Real Property is a Critical Decision. Do you want tenants in common or joint tenancy or something else? Oh, and be sure to consult with a real estate attorney in your local jurisdiction for discussion of meanings and legal ramifications.
I have enough knowledge about at least two forms of title (i.e., ownership) you report your ownership of your home to be dangerous.
But before I go any further, you just ought to consult with a licensed real estate attorney for true benefits and disadvantages.
Two major forms of real property title (ownership) are:
Tenants in Common – If two or more own the property, the deceased’s interest in the property must be probated in accordance with State and Local laws and the deceased wills.
Joint Tenancy (with right of survivorship) – If any one party who owns the property dies, their proportionate share automatically reverts to the other owner(s)without the need to run the property through probate court. This now brings up the subject of a will should one exist.
But there are some situations where we have to dig further – here are just a few:
In the case of a Joint Tenancy situation, does a will matter in the disposition of real property or does the property revert to remaining owner(s)in equal proportion(s)?
Also, what happens if one owner places liens on their ownership portion or files bankruptcy? (Can property be sold to pay liens?)
Can one joint tenant force the sale of the property?
What happens if all joint tenant owners died at the same time or at different times in the same catastrophic event?
Can one joint tenant change their ownership to Tenant in Common and force the property through probate and subject to the terms in the deceased’s will?
Again, consult with a real estate attorney to get answers to these questions and more!