HELP! | Manner in which title will be held: |
The
different ways title can be possessed have important legal ramifications
for the grantees and their heirs. This is something you should talk
to your legal counsel about if you are not sure what to enter.
Below are some common types of vesting. Severalty: This is ownership by one person or corporation. If you have added the status to the name, it is not necessary to repeat it in this field. In other words, if you entered "John Doe, a single (or unmarried) man" in the "Title will be held in what names" field on the form, you don't need to repeat it here. However, you might want to enter "sole and separate property" to the "Manner in which title will be held" field on the form. If this describes your situation, you may put "Severalty" or "sole owner" in the field. Tenancy in common: Use this vesting when: Two or more people own the property together; they each own a share of the income, expenses and value of the property; each may sell, lease or will his/her own share of the property, and all tenants in common have the right to occupy the property together. An example of vesting as tenants in common on the deed would be: "John Doe, Mary Smith and Clive Johnson, all single persons, as tenants in common". For the sake of this form, you may enter "Tenants in common" in the field. Joint tenancy: This vesting contains "rights of survivorship" without having to go through probate. This vesting conveys ownership of the deceased persons property (or estate) to the surviving owner(s) immediately upon the partners death. This is a popular vesting for married couples. An example on the deed would read: "John and Jane Doe, husband and wife, as joint tenants". For the purposes of this form, you may enter "Joint" in the field. Community property: Only persons married to each other may use this manner of vesting. the term "Community property" is referring to all property and debts acquired during marriage and are shared equally. Title is automatically conveyed to the surviving spouse if there is no will. If there is a will, either spouse may convey title to whomever they wish. If this happens, the heir or devisee would become a tenant in common with the surviving spouse. Married couples may receive or inherit property and keep it separate property. In order to do this, they may not mingle income from separate property with income from community property. Vesting of this type on the deed may look like this: "John and Jane Doe, husband and wife, as their community property". In this field on the form you may enter "Community property" if this is the manner in which you want the title to be held. If
you are unsure in which manner you would like the title to be held, leave
the field blank. This information can be given to the title company
at a later date.
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