What is “Tenancy” and which one is right for me?
Tenancy in Virginia ~ Speaking the Language:
The term "tenancy" means to hold title.
Tenancy is established through the vesting clause in the Deed which is prepared at the time of a title transfer.
Deed: A formal written instrument by which title to real property is transferred from one owner to another. The deed should contain an accurate description of the property being conveyed, should be signed and witnessed according to the laws of the State where the property is located, and should be delivered to the purchaser on closing day. There are two parties to a deed: the Grantor and the Grantee.
Common Types of Tenancy in Virginia:
Sole Ownership/Fee Simple: An undivided ownership interest of one person with no other person having any right or interest in the real property.
Joint Tenants with the Full Common Law Right of Survivorship: Two or more individuals who have an ownership interest in real property together with one interest between them all. In the case of the death of one owner, the surviving owner(s) will own the real property for which they hold title to. The decedent's interest in the property passes to the surviving tenant/owners as a matter of law and does not pass to their heirs.
Tenants by Entirety with the Common Law Right of Survivorship: Husband and wife who share ownership interest in real property. In case of the death of either husband or wife, the property automatically transfers to the surviving spouse. The decedent's share passes to the survivor as a matter of law and does not pass to their heirs. Additionally, a creditor of one spouse may not attach a lien to the property to secure a judgment, but a creditor of both spouses may attach a lien to the property to secure a judgment.
Tenants in Common: Two or more individuals who have ownership interest in real property together, with equally divided interest between them, or a designated percentage interest between them (for example, 60% to 40%). Upon the death of an owner, shares pass to the owner's heirs or estate according to State law.
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