Carl Glendon

Types Of Interests In Deed Property Transfer

If you are serious about where to buy quit claim deed form and other forms, you might be considering a change in ownership of a property. Know about the types of interest that are part of the deed property transfer process.

Tenants in Common

For owning a property as Tenants in Common, more than one owner needs to have concurrent ownership without any survivorship right. An individual tenant in such an arrangement may transfer property interest by Will or by Deed. Every Tenant in Common has entitlement to the entire estate possession. In case the quick deed property transfer that conveys property to more than one owner does not mention otherwise, the owners can be supposed to be the masters of the real estate as Tenants in Common.

Tenants in the Entirety

It is a land estate that is developed between a Wife and a Husband. This is just like joint tenants, as there is no survivorship right. The difference lies in the fact that a joint creditor can execute a tenancy by the entirety, or it may be terminated due to mutual agreement, divorce or death. A tenancy by the entirety, as compared to a joint tenancy, does not get eliminated by the unilateral conveyance of one party's interest to another party. This kind of property ownership Deeds and Property Transfer is used only rarely. To learn more about drafting a quitclaim deed form in Colorado online, visit this website.

Joint Tenants with Survivorship Rights

In order to be Joint Tenants for a property ownership, multiple owners need to have simultaneous ownership with survivorship rights. In Right of Survivorship, when there is demise of any of the joint tenants, the interest of the decedent is gone from the property. An undivided interest is retained by the survivors on the property, and this interest is free of the former interest of the deceased party. A joint tenant cannot use a Will to transfer his own interest in the property.

Author Resource:

Carl writes often about online legal drafting like affidavit, bill of sale and quitclaim deed forms to help the people. You can find his thoughts at quitclaim deeds blog. For more information about getting a quitclaim deed form in Illinois, please visit this website.