Forms Of Home Ownership For Co-Owners
Full Video Transcript
When buying a home with others, there are several ways in which the home may be legally held. For instance, title can be held as joint tenants, tenants in common, tenants in the entirety, joint tenants with the right of survivorship, and so on. Generally, married couples or other co-owners with equal interests in the property prefer to hold title as joint tenants with right of survivorship, so that if one of them dies, the survivor is entitled to own the entire property without much legal fuss. However, property can be held in a number of other formats, including through the use of a limited liability company or a trust, for example. Which form of ownership will be right for your situation will depend both on your circumstances as well as the law in your state. You should seek advice about the form of ownership that is best for you before you close on the property, because the deed will have to reflect it. Each form of ownership offers distinct advantages and disadvantages, so you’ll want to make sure you are informed about which one is right for your situation.