How to hold title?

There are a variety of forms of ownership of property. In a situation such as this the 2 more common forms of ownership are:

(1) Joint Tenancy:  Property owned by two or more people at the same time in equal shares.  Each joint tenant has an undivided right to possess the whole property and a proportionate right of equal ownership interest.  One party cannot sell or otherwise transfer ownership without the other party's consent.  When one joint tenant dies, his/her interest automatically vests in the surviving joint tenant(s) by operation of law. Words in the deed such as "John and Mary, as joint tenants with right of survivorship and not as tenants in common" establishes title in joint tenancy.

(2) Tenants in Common:  Property owned by two or more persons at the same time.  The proportionate interests and right to possess and enjoy the property between the tenants in common do not have to be equal.  Each owner's share is freely transferable.  Upon death, the decedent's interest passes to his/her heirs named in the will who then become new tenants in common with the surviving tenants in common. Words in the deed such as "Peter, Paul, John and Mary as tenants in common" establishes tenancy in common.

Note:  If no designation such as "rights of survivorship" or "tenants-in common" is referenced i the deed, the judicial presumption is for tenants-in common.  So if you want survivorship rights be sure to spell that out when you take title.