How should I take Title/Deed to my new Home?


Had this question asked to me from a client of mine that is married and closing on a new home in Richmond, VA in a week.  These are the options my client gave me:

Do you have a recommendation as to whether we should be either:

If you are married – tenants by Entirety with the right of survivorship is usually best, otherwise you  cannot take title that way.   It gives a married couple protection (on that asset, the house) from lawsuits against either one of them individually.  The other item, fee simple is for a single/one purchaser of a home only and there no other option for a single purchaser.  The last two – Joint Tenants with the right of survivorship and   – Tenants in Common  are for two purchasers and Joint Tenants with the right of survivorship allows the survivor of the two to have full ownership of the property after one passes away, and whoever passes away first will not pass any ownership to his or her heirs.  For  Tenants in Common when one of them passes their heirs or person named in the will get their interest property and not the survivor.   

That is it in a nutshell but for estate planning reasons people may not want to follow the general rules and should ask their attorney about their specific situation. 

 

  •  Tenants by Entirety with the right of survivorship
  •  Joint Tenants with the right of survivorship
  •  Tenants in Common
  •  Individual (fee simple) ownership
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One Response

  1. Glad to see you’re still blogging!

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