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Real Estate Tips
Titles >Ways to Hold Title

When two or more people purchase property together, there are three ways that the title can be held. Knowing the implications of each form of ownership will help you decide how to write your deed.

"Tenancy by the entireties" is reserved exclusively for married people. Both husband and wife own an undivided interest in the property. On the death of one party, the surviving spouse owns the entire property and no probate will be necessary. When unmarried persons buy a home together, they should seek legal advice regarding how title should be held. As "tenants in common" each party owns a percentage interest in the property. On the death of one party his or her interest does not go to the surviving owner but is distributed in accordance with the will of the deceased, whose estate must be probated. As "joint tenants" each party owns an undivided, equal interest that passes automatically to the surviving joint tenant. Probate is not necessary if the deed reads "joint tenants with rights of survivorship".

It is important to know that in most courts, if a deed is written without specification of how title is held, the property is titled as "tenants in common."

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Real Estate Trivia
Q 
What is considered one of the few remaining tax shelters in the 1990s?

A 
Homeownership--property taxes on a residence or vacation home are deductible up to $1 million.
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Linda Low, REALTOR®, real estate agent and broker for Washington D.C., NW Washington DC, and Chevy Chase, DC Washington D.C. home listings, property and land for sale - NUMBER1EXPERT(tm)

The Linda Low Team
Long & Foster Real Estate, Inc.
Direct: (202) 232-4733
Fax: (202) 332-3072
Branch Office: (202) 363-1800
Email: linda@lindalowrealtor.com

Linda is one of the premier real estate agents in the Washington, DC area, and her team has been ranked consistently high in the area in residential sales. She and her husband and partner, Rob, have lived in the District for 40 years and know the DC and nearby Virginia and Maryland markets cold. Her love of houses, previous career as an historic preservation consultant, and her 26+ years of dramatic success in real estate sales allows her clients to benefit from her unsurpassed expertise and service. The Linda Low Team produces stellar results. They will maximize the sales price of the house you're selling and/or help you buy your ideal home. Linda's satisfied clients return to her again and again and are her primary source of business. If you're looking for a true DC Metro real estate expert with a great supporting team, you've found her!

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