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Welcome to the Benchmark Title Company's Title
Tip of the Week Newsletter. This week we discuss some of the ways
that your residential clients can take title to land, and what
potential effect the different types of tenancies
can have.
Types
of Tenancies
by
Sarah Holdener, Esq.
There
are innumerable ways in which the title, or ownership of real estate
may be held. A brief overview of three very common types of
ownership and certain characteristics of each of these types are set
forth below:
- Tenancy by
the Entireties - This manner of holding title is only possible
between a husband and wife and is extinguished upon a divorce,
after which the parties hold title as Tenants in Common. Tenancy
by the Entireties includes a right of survivorship, such that upon
the death of one spouse, the survivor then is the sole owner of
the property. During ownership, neither spouse may sell or
mortgage their interest acting alone. Judgment or liens against
only one spouse do not attach to the property held as Tenants by
the Entireties.
- Joint Tenancy
- This form of ownership requires two or more persons, who need
not be related to one another. Joint tenancy includes a right of
survivorship, such that upon the death of any joint tenant, the
survivors succeed to the interest of the deceased. This type of
tenancy differs from Tenancy by the Entireties in that any owner
may sell or mortgage his or her respective interest or share, but
this may extinguish the Joint Tenancy thereby creating a Tenancy
in Common as to that interest. Judgments and liens attach to the
respective owner’s share. This is a popular choice for related,
but not married, persons who wish to provide a right of
survivorship among themselves.
- Tenancy in
Common - This is simply ownership of property by two or more
owners, each with a fractional interest in the whole. There is no
right of survivorship. Upon an owner’s death, his or her interest
passes to the heirs and/or devisees of that owner. Each owner may
sell or mortgage his or her share without the joinder of the
remaining owners. Judgments and liens attach to the respective
owner’s share. This form is generally the “default” tenancy when
other types of tenancies are destroyed or if no form of tenancy is
specified in the conveyancing document.
- Note -
Trusts, Partnerships, Life Estates, Corporations, Beneficiary
Deeds, etc. have not been discussed. The foregoing is intended to
generally address only the most frequently used types of tenancies
among individuals purchasing residential property, and should not
be
considered complete. You should recommend your clients
consult an attorney for any advice regarding ways of holding title
and its specific effects for them.
Any
questions can be directed to Benchmark Title at 618-239-3750. Please
feel free to call or
email:
Serving you from three convenient locations:
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Main Office:
1124 Hartman Lane
Shiloh, IL 62221
Ph: 618-239-3750
Escrow Fax: 618-239-3707
Title Fax: 618-239-3757
Fax Orders: 618-310-1589
President: John Howe
www.benchmarktitle.net
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318 North Main St.
Columbia, IL 62236
Ph: 618-281-9700
Fax: 618-281-9705
Manager: Randi
Schur
4215 S. State Rte 159
Glen Carbon, IL 62034
Ph: 618-288-1695
Fax: 618-288-1852
Manager: Sara Sowell
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Benchmark Title Company, LLC
1124 Hartman Lane
Shiloh, IL 62221
Our telephone:
618-239-3750
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