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The Linda Lom Client Guide

Your Guide to All Things Buying, Selling, Home-Ownership and Washtenaw County

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Linda Lom Client Guide - Ownership in Real Estate and Conveyance

Linda Lombardini

"Linda is the consummate professional when it comes to dealing with real estate in the Ann Arbor area...

"Linda is the consummate professional when it comes to dealing with real estate in the Ann Arbor area...

Jan 6 2 minutes read

Ownership in Real Estate and Conveyance

(How to Take Title)

Tenants in Common:

  • May own either equal or unequal interests, each owns a proportionate share of the property as undivided interest.
  • Unity of Possession: Parties share an undivided possession of property and is entitled to it’s full use and enjoyment. Example: Tenant (A) owns 20% of the property while (B) owns the remaining 80%. (A) has the same right to occupy and use the property that (B) has.
  • No right of survivorship, when one tenant dies, his/her interest passes to their heirs.
  • Tenants may take ownership, all at one time, or at different times.
  • Each tenant may dispose of any part of his/her interest without affecting the interest of others.
  • Partition Suit: Originated by one or more co-tenants asking the court to order the splitting of interest to end the tenancy when a voluntary agreement can not be reached.

Joint Tenancy:

  • Right of Survivorship: If one of the joint tenants die, his/her interest passes on to the other tenants that are still alive without a will and the expense of probate.
  • Unity of Possession: Parties share an undivided possession of property and is entitled to it’s full use and enjoyment.
  • Unity of Interest: Tenants share equal interest, i.e. if there are three tenants, they must each have a one third.
  • Unity of Time: All tenants take title at the same time.
  • Unity of Title: All tenants take title through the same deed or will.

Tenants by the Entireties:

  • Property is deeded to husband and wife.
  • Each owns the entire property.
  • Right of Survivorship: If either spouse dies, the survivor automatically becomes the owner of the property in severalty.
  • In order for property to be sold, both husband and wife must sign all the instruments.
  • The Unity of Possession Time and Title: Applies similar to joint tenancy except for unity of interest because both husband and wife each own 100% not 50%.
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