1. Joint tenancy
A joint
tenancy is most desirable when two or more people are interested in a property
because it gives them equal property ownership and rights to maintain or
dispose of it. The share and rights are authorized on a property under the same
title. Also, it applies to situations where the joint tenants long for
survivorship rights. Generally, this feature makes joint tenancy most
suitable for couples or siblings that have bought a property together. Joint
tenancy automatically transfers one of the tenant’s shares to others if he or
she dies, and it also happens in equal share size. This means that if there is
only one survivor, he or she gets the whole estate. Such rights can be applied
to land, money, and other items.
For
instance, if the joint owners decide to sell the property together, the money has to be shared equally.
Joint tenancy also gives the court the power to intervene in conflicts over
disposition to ensure that each owner gets an equal share. Joint tenancy may also
be selected by tenants that desire long-term estate rights because this type of
ownership offers fixed and unchangeable rights throughout the tenants’
lifetime. Even better, a parent and a child that is 18 years may consider a
joint tenancy. It could also happen with minors, but in such cases, the court
takes control of the property until the child reaches 18 years old.
2. Tenancy in common
This ownership is most appropriate where
one of the tenants wants a larger share than others. Tenancy in common not only allows
for unequal ownership, but also gives power to the tenant with a larger
share to dispose of the property. Tenancy in common also permits changes in the
number of property owners. In other words, tenancy in common removes the
restrictive conditions that joint tenancy places on property ownership. It,
thus, makes entry into the property market easier as a person may easily agree
with friends, partners in business, or family members to purchase a home. In
such cases also, tenancy in common minimizes purchasing and maintenance costs
on the property because of the division of payments or deposits.
Again, it suits situations where
survivorship is not a requirement. With tenancy in common, none of the tenants
has the right to inherit the share of a deceased tenant. If a tenant dies,
therefore, the share is transferred to his or her heirs. Even then, it should
be selected by tenants that know each other well and are willing to participate
or contribute charges or taxes on the property. Given that all the tenants must sign the property mortgaging
documents, for instance, the property may be lost to the lender when the
borrower (one of the tenants) defaults. Additionally, other property owners (or
borrowers) will have to raise extra mortgage payments to settle cover for at
least one of them that fails to contribute. Without doing this, all the
property owners may face foreclosure.
3. Tenancy by the entirety
The ownership form only applies when tenants are
married, as it is reserved for married couples alone. Therefore, property
owners must prove that they are married to each other during the time when the
title is given to them (Traczynski, 2020). After receiving the title, the
couples become tenants in the entirety. The spouses use tenancy by the entirety
to take possession of a property as a common legal entity. It is also suitable
for couples that want survivorship rights, as it allows a surviving spouse to
get the complete title of the property automatically.
Additionally, the tenancy by entirety fits best
where each spouse legally desires equal rights over the property. Such rights
enable the owners to settle in the property and use it in the way they know is
suitable. These are some of the agreements that tenants must consider when
selecting this property ownership alternative. Each spouse must understand that
they lack the legal right to perform any activity on the property or sell it if
they do not get the consent of the other tenant. Besides, tenancy by entirety
rejects any attempt by either tenant to separate the concerned property or
grant property stake to an heir through a will.
13-4 How the Ownership of Land may be transferred
Legal procedures must be
considered when transferring land from one person to another. Even then,
the rules differ and depend on the territory within which a person resides. Wolff
(2020) also argued that different ways of property transfer exist. Even then,
the transferability of land is accepted by law because the land is immovable. A
deed is the instrument of property ownership conveyance in this process.
Therefore, the deed must offer a substantial description of the land, and the
conveyance should incorporate relevant words of the grant. It must identify the
granter adequately, even without mentioning names. Some details to include are
the granter’s residence (city, state, or county). Similarly, statutes may
require the conveyance to indicate the grantee’s residence.
The next step in the execution is
intended to establish a valid conveyance. A crucial factor for the
commencement of this phase is the granter’s signature, which must be shown in
proper places. A grantee’s sign on the deed is, however, not compulsory
here. The state statutes generally require
that the granter signs the deed in the presence of witnesses. After the granter
signs the deed, he or she must participate in additional activities to confirm
the intent to transfer the title. This means that mere intention without
further demonstration of purpose is insufficient. For the delivery stage, the
granter delivers the deed to the grantee. There are no recommended methods of
going about this step. The deed could be mailed to the grantee, or the attorney
in charge could do the delivery.
Deed acceptance follows the delivery phase. A transfer is only proper if the grantee accepts the title to the land (Dharia, 2020). Even here, however, no principles guide the acceptance process, and the party’s intention greatly determines the entire issue. If the grantee retains the deed or uses it to mortgage the property, deed acceptance is confirmed. When the deed delivery and acceptance are completed, proper recording of the deed happens. Recorders or clerks do this at the county office. The process involves photocopying the instrument to produce duplicates, so the copies are kept in the current book. This ensures the maintenance of official records. The map presented in the recorded deed is part of the identification document. When the process is completed, the original copy must be returned to the owner.
