When you buy a home, there are a few different ways to hold title and here in Colorado it’s one of the first things you answer when working with your Realtor to write a contract. These different methods can change how ownership is divided among co-owners and who ownership is passed onto when an owner dies.
The first option is simple, sole ownership or Severalty. A sole owner holds title to a property in their name only; they don’t share ownership interest with anyone. This type of ownership is most often utilized by single homeowners or married individuals who want to be the only owner of the property.
Joint tenancy allows two or more co-owners to share undivided interest in a property. When co-owners hold title this way, they’re granted right of survivorship, which means your share can’t be willed to others and automatically passes to the co-owner upon death and is most popular with married couples.
Tenants in Common
Finally, tenants in common allows two or more people to co-own a property with ownership interest split however they choose. With tenants in common, each owner has a right to sell, give away or otherwise do as they wish with their ownership interest. This includes the right to will it to whomever they choose, as tenants in common doesn’t include right of survivorship.
When you buy a home it’s important to understand the best way to hold title based on your individual circumstance. Be sure to consult your real estate professional when deciding how to hold title on your new home
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