Sunday, February 13, 2011 - By Relocation.com Staff
At closing, you will be asked at how you want to hold the title. The appropriate answer is "in my hand."
Title can be held in many ways depending on what you decide:
- Sole ownership.
You are the only owner.
- Tenancy by the entirety.
This is for married couples. Both people must agree before the home is sold or refinanced. The home automatically goes to the spouse once the other one dies.
- Joint tenancy.
This is used when two or more people own a home. Any owner can sell their interest in the home without any approval from the others. When one owner dies, the other owners get the deceased owners share.
- Tenancy in common.
This is when the property is jointly owned. If one owner dies, their share goes to his or her heirs.
Remember to collect all the keys from the seller at the closing. Do not forget automatic garage door openers and attic and basement keys.
