"What is the best way to protect myself if I'm buying property with another person?"
There are a number of different options for taking title to a property. When one or more people purchase a home it is called "concurrent ownership interest" . Each person has interest in the "entire" property.
The three forms of concurrent ownership:
1. Joint Tenants
2. Tenants in Common
3. Tenants by the Entirety
JOINT TENANTS
Joint tenancy is when two or more people own an entire undivided piece of property. Joint Tenancy has a "Right of Survivorship". This means that if one on the owners dies the other owner continues to have an undivided ownership interest in the home. If there is more than one co-owner, then the remaining owners continue to have an undivided interest in the property until only one owner remains. The last remaining owner gains full ownership of the property.
TENANTS IN COMMON
Tenants in common is when two or more people own property and there is no Right of Survivorship. Each owner has a specific interest in the property. This interest in the property can be transferred by inheritance and this interest can also be sought after by creditors. Each owner has equal share of the entire property.
TENANTS BY THE ENTIRETY
Tenants by the entirety can only be held by husband and wife owners. It is very similar to Joint Tenancy with Right of Survivorship. Neither husband nor wife can sever ownership in the property without the others consent, so neither can sell any part of the property without the consent of the other. Creditors are also banded from coming after any interest in the property. Co-ownership in property can only be cancelled by death of either spouse, divorce or mutual agreement.
Knowing the different methods of taking title to property, can serve to be very valuable when purchasing real estate. This should help you make a wise decision when purchasing your property.
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Meet Valarie Jacobs
Valarie Jacobs is no stranger to “Education.” From her Bachelors of Education from the Penn State University to her Masters of Education degree from Howard University in Washington, DC, she has created for herself a world of success through teaching. Post degree acquisition, she opened two children’s fitness centers in the northern Virginia area. While operating the centers full, she decided to explore the opportunities that the Real Estate industry had to offer. Soon after, she became a Licensed Real Estate Agent.
As a business owner, Valarie’s entrepreneurial spirit grew by the day. Her interest in Real Estate began to take the front seat to her other business ventures. Valarie began to study the “non-traditional” methods and strategies of Real Estate investment, learning the ins and outs of the transactions, when agents like her, were not used. She grew an extraordinary amount of understanding when it came to what happened behind the scenes of a real estate transaction. Her transformation to the savvy “guru” that she is now, came from becoming a loan officer so she could competently protect her clients when their best interests may not have been looked after by a mortgage brokers or lenders. She obtained a license in Title Insurance Production and began executing several acquisitions and closings per week.
With a natural heart for teaching, she became a Mentor with one of the largest Real Estate Investment Programs on the East Coast where she coached and mentored over 500 investors. She is thoroughly immersed in all aspects of creating wealth through real estate investment. She is President of DMV Real Estate Investor Association, Vice-President of Dynamic Realty and has a gift of guiding others to their destinies of financial freedom and dreams of being experts in real estate investment.
As a business owner, Valarie’s entrepreneurial spirit grew by the day. Her interest in Real Estate began to take the front seat to her other business ventures. Valarie began to study the “non-traditional” methods and strategies of Real Estate investment, learning the ins and outs of the transactions, when agents like her, were not used. She grew an extraordinary amount of understanding when it came to what happened behind the scenes of a real estate transaction. Her transformation to the savvy “guru” that she is now, came from becoming a loan officer so she could competently protect her clients when their best interests may not have been looked after by a mortgage brokers or lenders. She obtained a license in Title Insurance Production and began executing several acquisitions and closings per week.
With a natural heart for teaching, she became a Mentor with one of the largest Real Estate Investment Programs on the East Coast where she coached and mentored over 500 investors. She is thoroughly immersed in all aspects of creating wealth through real estate investment. She is President of DMV Real Estate Investor Association, Vice-President of Dynamic Realty and has a gift of guiding others to their destinies of financial freedom and dreams of being experts in real estate investment.
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