One of the questions that will come up when purchasing your home and settling with TS Executive, LLC is how you would like to take title to your home. If you are a single purchaser or an entity, then sole owner would apply. However, when there is more than one buyer involved, below are the types of co-ownership applicable to Pennsylvania, Maryland or New Jersey purchases:
- Tenancy in Common: A form of co-ownership of property by two or more persons in undivided interests. If a co-owner dies, the property stays in the co-owners estate versus vesting or passing to the surviving joint tenant. This is the default tenancy if not stated otherwise.
- Joint Tenants with Right of Survivorship: A form of co-ownership by two or more persons in equal shares, but characterized by the right of survivorship. If a co-owner dies, the property vests or passes to the surviving joint tenant.
- Tenancy by Entirety: A form of co-ownership by married individuals, which is characterized by the inability of one spouse alone to convey or encumber. If a co-owner dies, the property vests or passes to the surviving spouse.
TS Executive Abstract, LLC is an experienced title agency, however this post is not to provide legal advice to purchasers. If you have further questions or need guidance on how to take title to your new home, we always recommend consulting an experienced real estate attorney.