![]() Legal Description: A Legal Description consists of the written words which delineate a specific piece of real property. The state where the property is located.ĩ. The County, Parish, Independent City, or other jurisdiction where the property is located.Ĩ. In most cases this is money so the amount that the grantee is paying for the property would go here. ![]() The Consideration: This is what the grantor receives from the grantee in exchange for the grantors interest in the property. Title may also be held in the name of a trust, corporation, partnership or LLC.Ħ.So unlike joint tenancy, the disposition of the property can be specified in the owner's will. When property is held as tenants-in-common, there is no right of survivorship. The new owner simply becomes a tenant-in- common with the other owners. Each co-owner can sell, convey, or mortgage his or her interest without the consent of the co-owners. For example, three individuals could hold title jointly, with one person having a 50% interest and each of the other two having a 25% interest. Under tenancy in common, the co-owners own undivided interests, but unlike joint tenancy, these interests are not necessarily equal. Example: "John Doe and Jane Doe As Tenants In Common". If unmarried individuals hold title as joint tenants and one owner dies, the property will automatically transfer to the co-owner. This means that the transfer of property is easy, but it also means that the individual cannot include the interest in the property in his/her will. The property does not become part of the individual's estate, so it does not have to go through probate. When one joint tenant dies, his/her interest in the property is equally distributed to the remaining joint tenants. The primary characteristic of joint tenancy is the right of survivorship. Example: "John Doe And Jane Doe As Joint Tenants With Rights Of Survivorship". With community property, on the death of the first spouse, both spouses' half interests in the property will get an income tax basis adjustment to fair market value. If a spouse exercises the right to leave one half of the property to someone other than the surviving spouse, that half is subject to administration in the estate. If the first spouse dies without a will or leaves the property to the surviving spouse, the property will go to the surviving spouse and no probate is necessary. When the title to property is held by a married couple as community property, each spouse has equal rights of management and control of the property and the right to include half of the community property in his or her will. ![]() Example: "John Doe and Jane Doe, Husband And Wife, As Community Property". "John Doe, A Married Man, as His Sole and Separate Property" Defined as a married man or woman who wishes to acquire title in his or her name alone. "Jane Doe, An Unmarried Woman" Defined as a man or woman who has been married in the past, but is now legally divorced or is widowed. There are three options for holding property as a Sole Owner:Įxamples: "John Doe, A Single Man" Defined as a man or woman who has never been married. Generally real property can be owned in either Sole Ownership or in Co-Ownership. Before deciding how to hold title, you should consider your intent and what you want to happen to the property in the event of your death. The manner in which you hold title may have significant legal and tax consequences. The vesting will appear on the Deed, which is usually recorded for public notice. Grantee Vesting: Vesting describes how the grantee is going to hold title to the property. ![]() Grantee(s) Address: The mailing address of the grantee(s) ![]() Grantee(s) Name: The Grantee(s), generally the buyer(s), is the entity that is receiving the rights to the property being transferred from the Grantor. Enter the Grantor(s) Address: The mailing address of the grantorĥ. The Grantor is the person giving their property rights to the Grantee. Grantor(s) Name(s): The Grantor, generally the seller, is the entity that currently holds title to the real estate being transferred. The Numerical Day of the Month the Deed is executedĤ. Information below is listed in the order the blanks appear on the quitclaim form.ġ. ![]()
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