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Joint Tenants or Tenants-In-Common, the choice is yours when purchasing a home
How should title be issued when purchasing a Colorado Springs home?
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
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I recently had a delightful couple that wanted to buy a home. We found the perfect one and when I asked them how they wanted to take title, they didn’t know. I explained that they could take title as joint tenants or tenants-in-common. They told me they didn’t care. I told them they should care as it could have long term consequences.
They had both recently retired and were married with children from previous relationships. I then asked them if they had separate or joint wills. They both said separate as they wanted their money to go to their own children. I asked them if they knew the difference between joint tenancy and tenancy-in-common. They did not.
Joint Tenancy means that the surviving spouse gains title to the entire house and that when the Read the rest of this entry »
