Joint Tenancy or Tenancy in common???
Question Details: I purchased a house but was unable to obtain the loan so my father did for me, even thought I live there and pay for everything, i wanted to be put on the deed but I am not sure which option to take, I was thinking tenancy in common but since I am his oly heir how will that work when he dies, he doesnt have a will so??? Also not sure if i put myself on the deed as owning 99 percent what that means financially speaking...it's all so confusing. My dad threatened to sell the house once and since then it got me thining how if I am not n the deed I have no power...what do you suggest???
Real Estate Law Answers
The easiest way to take over property upon a death is via "joint tenants with rights of survivorship" (JTWROS). This way, upon the death of one of the owners, the property will automatically pass to the surviving owner(s). Additionally with JTWROS neither owner can sell, gift, or otherwise convey their interest without the other owner's permission. If, on the other hand, you own as "tenants-in-common", then you father's share would pass to his estate an need to go through probate. If he dies intestate (without a Will) then his assets are distributed to his heirs - here you and any other siblings plus your father's wife, if any. Even if you are the only heir, probate costs money and takes time.
Note: If the deed does not specify how title is held it will be presumed to be as tenants-in-common, so be sure to have it read, "JTWROS".
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