|
| Possession |
You
will be asked at closing how you want to hold the title.
The appropriate answer is "in my hand".
Title can be held in many ways depending on
what you decide:
- Sole Ownership. You are the only owner
- Tenancy by the entirety. This is for married
couples. Both people must agree before the home is
sold or refinanced. The home automatically goes to
the spouse once the other one dies.
- Joint tenancy. This is used when two or more
people own a home. Any owner can sell their interest
in the home without any approval from the others.
When one owner dies, the other owners get the deceased
owners share.
- Tenancy in common. This is when the property
is jointly owned. If one owner dies, their share goes
to his or her heirs.
Remember to collect all the keys from the seller at
the closing. Do not forget automatic garage door openers
and attic and basement keys.
|
|
|
|
|