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 The way that you hold title to your property has legal, tax, and estate-planning consequences. Many buyers do not receive adequate professional advice on this important aspect of property ownership.
If you are purchasing property by yourself, you will be acquiring title by sole (or "separate") ownership, single ownership, or severalty ownership. The term "severalty" does not denote more than one person - it is a legal term meaning that sole ownership is severed from all other forms of ownership.
If you are purchasing property with others, the most common forms of co-ownership are tenancy in common, joint tenancy, and community property. Tenants in common can be created when two or more related or unrelated people hold title to a property either equally or unequally. Each individual has the right to do whatever he wishes with his interest in the property. For example, he can sell his interest, give it away, or will it to someone else.
Before you take title, you should seek advice from your tax advisor and an attorney, particularly if you are buying the property with another person.
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What are the three most common environmental toxins for which homes are tested?
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Mold, asbestos, and lead are tested by specialized inspectors as a regular part of many real estate contracts. |
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The Alex Nova Real Estate Team
RE/MAX Allegiance
575 Lynnhaven Pkwy
Virginia Beach, VA. 23452
Phone: 757-217-1912
Fax: 757-819-1200
Email: alexnova@NUMBER1EXPERT.com
Let us put our knowledge, experience, and dedication to work for you. Our primary goal is to provide the highest level of service to our clients and make the home buying or selling process more enjoyable. Give us a call today, and we will immediately get to work for you.   
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