What is the best way to have 2 names on a house title?

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What is the best way to have 2 names on a house title?

Asked on November 3, 2012 under Real Estate Law, Florida

Answers:

B Elaine Jones / The Law Office of B. Elaine Jones

Answered 9 years ago | Contributor

If you are asking this question in regards to probate planning and the two people on the deed want the other person to inherit the property if one dies, then you want to hold the deed as Joint Tenants with rights of survivorship.  If you do not put the words "with rights of survivorship"  you will not have suvivor rights.  In that case, each of the parties testamentary wishes would be followed and one of the original parties could end up owning the property with some strange person.  If the two people are married then the deed should be prepared as Tenants by the Entirety.  I hope this helps you out. 

Sincerely,

B. Elaine Jones, Esq.

Elena Eckert

Answered 9 years ago | Contributor

The answer to this question depends on what you want to accomplish by having a house titled in two names and on whether or not the potential owners are married. 

If your goal is to provide for an easier transfer of the house upon the death of one of the owners, than the best way is to hold a title in joint tenancy.  This option would allow a surviving joint tenant to obtain the 100% ownership without having to go through the probate (please note, however, that joint tenancy is not the best way to avoid the probate due to the estate tax consequences). Also, if one of the persons you are planning to put on title already owns this property, joint tenancy may not be an option.  

Another option to hold the title in two names is tenancy in common.  If you simply want to have the house titled in two names, this may be a better option for you as it is not as strict as joint tenancy.


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