![]() Our firm strongly recommends making this change which will protect both parties against potential creditors for a relatively low fee.Ī tenancy in common is more flexible than a joint tenancy. Only by changing the deed can a married couple get the benefits of tenancy by the entirety. However, if an unmarried couple purchases a home and then later marries, the deed does not automatically convert the form of ownership to a tenancy by the entirety. Generally, when a married couple in Pennsylvania purchases a property it is presumed to be owned as a tenancy by the entirety. A tenancy the entirety also protects marital property from being pursued by creditors. If one spouse passes away, the remaining spouse already owns a 100% interest in the property, so there is no need for the property to be probated. Here, each partner owns a 100% interest in the property. However, you may still want to update the deed so that your ownership is unambiguous.Ī tenancy by the entirety can exist only among married couples. Once a co-owner dies, the remaining co-owners do not need to make any changes to the deed and the property does not need to be probated.įor example, if you owned 50% of a parcel of land in a joint tenancy with a business partner, and he died, you would then have a 100% share in that parcel with no requirement to change the deed. The benefit of a joint tenancy is its simplicity and efficiency. This means that if one co-owner dies, his or her share passes entirely and automatically to the remaining co-owners. The unique aspect of a joint tenancy is the right of survivorship. In Pennsylvania, there are three forms of real property ownership that can be recorded on the deed if you are buying property with one or more individuals.Ī joint tenancy is a form of co-ownership where the owners must own equal shares of the property. To that end, let’s explore some of the most common questions about deeds. ![]() One of the essential elements of a real estate transaction is the deed-a written document that transfers ownership of property to a person or entity. Understanding some of the fundamental legal concepts can help you overcome that intimidation to feel more confident and informed in your decisions. ![]() Purchasing real estate can be intimidating because of all the jargon and legal requirements involved in the process. Introduction: Common Questions About Deeds ![]()
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