How to Take Co-Ownership of a Property

The most common way for legally married spouses to hold ownership rights to their property is by “Tenants by the Entirety” where both spouses own equal shares of the property. but If one spouse dies, the remaining spouse continues as the sole owner, with no probate necessary.

But, this kind of Co-Ownership is available to any couple or group the “Joint tenancy with Right of Survivorship” Any couple, parents/children, even total strangers can be joint tenants (equal owners) with a right of survivorship. That makes joint tenancy handy in a variety of situations, such as when one buyer is not able to qualify for a mortgage due to poor credit, a lower income, or high income-to-debt ratio. The better-qualified buyer helps get the loan approved, but the less-qualified buyer will likely bring the terms down a bit.

Joint tenancy is also useful for parents who want to give an adult child down payment money, but want to stay on the loan to protect their investment from default.

A joint tenancy can be dissolved by converting it into separate ownership, called ‘tenants in common’. Contact me for knowledgeable help when you buy real estate.