In New Jersey, there are three types of joint ownership for real estate. And, if you own property along with anyone else, you need to know the differences.
If you and another person who is not your spouse own a property, is Joint Tenancy the answer for you? This is a good question. The answer depends on what you want to happen should one of you die. The ownership can be set up where the deceased interests can pass to the surviving owner or to the deceased’s heirs.
Tenancy in Common
This is where two or more people own property. There are no rights of survivorship in this situation. Should one owner die, that person’s ownership reverts to the heirs.
Tenancy by the Entirety
This is available only to married couples. When one person dies, ownership reverts to the surviving spouse.
I am not an attorney, not do I play one on TV. This post is my interpretation of the law. However, please don’t rely on this information, Consult with an attorney. This is only to give an overview so that you are aware of what questions to ask.
With almost any estate, there are possible tax ramifications. The type of ownership may affect the estate’s taxes. Please consult with an attorney or a financial adviser.
The way you set up the ownership of your property can affect more than who will own the property when you die. There are financial ramifications and taxes to consider also.
Please direct your questions to an attorney or a financial adviser. You see, we came to an agreement with the attorneys we work with all the time. We don’t practice law, and they don’t sell real estate. This has been working quite well for all of us. However, if you’re ready to either buy or sell real estate, please contact us.