Joint tenants own a property equally. However, your contract could be written in many different ways that mean different things for ownership, what happens when someone dies, and who receives any proceeds from the property. Look at our articles, blog posts, radio shows and videos for more information and joint tenants and other types of tenancy.
Adding a Name to a Title
It's fairly easy to add somebody to your title. Simply draft and execute a new deed transferring an interest in the title. But there are a few things to consider when adding someone to the title of your home.
Estate Planning: Joint Tenant Ownership Of Parent’s Home, Or Will Estate Later?
Should you add your name to your parent's house as a joint tenant or whether the home should be provided for in the will as part of your parent's estate planning? Ilyce explains what would happen if you became a joint tenant, such as whether the IRS would levy a gift tax, as the make estate planning decisions. Ilyce outlines several options as far as estate planning, joint tenant ownership, and whether you should purchase the home from your parent and apply for your own mortgage.
How To Hold Title To Your Home
Before you buy your home, you should think about how to protect it. Purchasing adequate homeowner's insurance is one way to protect your home, but you should also think about how you're going to hold title to your new home.