This information was provided by a title company and is for your consideration as the buyer. The title company will need to know exactly how you want to hold title to this real estate. Please note that this information does not constitute legal advise and it is always advised to consult a licensed attorney for legal advise.
There are various ways to hold title to real estate and the laws vary by state. Here are examples of the most common ways title can be held in the state of Indiana.
Sole Ownership
The simplest way to hold title to a property Is called sole ownership. Sole ownership means that one person
alone holds title to the property. This is most often used by persons who are single, but a married person can
also choose sole ownership if his or her spouse is willing to sign a document renouncing any rights to the
property.
Joint tenancy with right of survivorship
Join/ tenancy with right of survivorship means two or more people hold title to the property together. If one person
dies, the ownership automatically defers to the remaining owner(s).
Tenancy in common
Tenancy in common allows multiple owners to each own a percentage of a property. In this form of holding title to the property, an owner can sell his or her percentage share of the property at any time. Owners also can will their share to their heirs. The property does not revert to the other owners automatically, in that instance, if one of the owners dies
Tenancy by the entirety or Husband and wife
Some states allow joint ownership of a property by a married couple, called tenancy by the entirely. In this type of ownership, an owner cannot make a decision about the property without the other’s consent. As with joint tenancy with right of survivorship, each of the married partners has full right to the property should the other one die.
Remember:
How title is vested has important legal consequences. If you have questions please consult an attorney to determine the most advantageous form of ownership for your situation. I cannot give legal advice. This is for information purposes only.