By Joe Szabo, Scottsdale Real Estate Team
How you hold title, the ownership of your real estate, is important. If you are married you often get joint tenancy with rights of survivorship and if you are single you hold property in your own name. There are other ways of holding title that may help you in certain situations.
As an individual you may choose to take title in your own name or you can put your property in a trust. With a trust, in the event of your death, your property will not go into probate. Joint tenancy with rights of survivorship is the most common way married couples hold title but two nonrelated individuals can also own property as joint tenants. As joint tenants both tenants own the property as a whole. With rights of survivorship, in the event of the death of one of the tenants that tenants share is immediately transferred to the surviving partner.
Tenancy in common allows each person to own his or her piece of the property separately. Tenancy by the Entirety is similar to joint tenancy but does not allow creditors of one spouse to force the sale of home to pay the debt of that spouse. These are not options available in all states.
You should consult your real estate professional before making this important decision.
The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area. If you are looking to buy or sell real estate in Scottsdale, Arizona, contact Scottsdale Real Estate Agent Joe Szabo. Award winning Realtors and Re/MAX top producers for Scottsdale, Arizona, The Szabo Group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020 480.688.2020 or visit www.scottsdalerealestateteam.com for more information.