Be sure to identify and advise the title insurance company whom you are working with of what type of ownership you are taking. Obviously much of this depends on whom you are purchasing property with. There are significant long term differences between the many different forms of grantee language. When in doubt consult with counsel or speak with the attorney on staff at the Title Company.
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Entire (100%) by Seller If there are more than one grantee (besides husband and wife), this is considered tenancy in common. Each party owns an equal interest unless otherwise stated. A tenant’s in common interest can be sold or devised in a Will.
Seller warrants that he/she has good title and will warrant and defend title
Couples who hold title to property as unmarried, but wish to have Survivorship Rights. Each party has a full ownership interest in the property. The property will pass instantly to the survivor upon the death of the other without probate. Conveyance by one party without the other breaks the joint tenancy
Seller warrants that he/she has good title and will warrant and defend title.
Used in special circumstances such as the transfer of property within a family or because of a divorce.
No provision for warranties or defending title.
Used in special circumstances such as the transfer of property within a family or because of a divorce.
No provision for warranties or defending title by grantor’
Most married couples hold title to property in both names as tenants by the entirety. Each party has a full ownership interest in the property. The property will pass instantly to the surviving spouse upon the death of the other spouse without probate. Conveyance by one party without the other breaks the joint tenancy or may not be conveyed at all if it is considered community property.
Provision made for warranty of title by grantor.
Used to transfer interest of a decendent to a family member or spouse when the deed to title does not have ownership rights and/or there is no will.
No provisions for warranty of title by survivor- grantor
Used to transfer interest of deceased party when devised in a will.
May or may not contain warranty of title.
Used to transfer property in a foreclosure action.
Foreclosure actions wipe out all interest of all prior owners and lien holders.
Deed may or may contain warranty of title.
*A single buyer generally takes title in his or her name alone. At a later date, a new deed may be created for tenancy in common or a joint tenancy/tenancy by the entirety if he/she wishes.
