Understanding the Types of Title — Pittsburgh Lawyers
When you buy a house, the form of title you take is important. It can impact the way your property is treated when you sell it, if you get a divorce or if you pass away. You should take the time to understand the type of title you are receiving, in order to make sure that it is right for you.
At Michael D. Flynn & Associates, P.C., we provide guidance to real estate buyers and sellers in the Pittsburgh area. When you are buying a new home, or selling a commercial property, we can give you the advice, support and representation you need.
Contact our Bethel Park real estate attorneys online or call us at 888-344-9640 to set up an appointment.
Types of Title
There are several ways you can take title to real property in Pennsylvania and each has its own benefits and pitfalls:
- Individually: You can take title in your own name. However, if you are married, your spouse still has an interest in the property and will need to sign off on the property in a sale or other transfer.
- Joint tenancy: This is the most common form of title. All owners have an undivided interest in the property and a right of survivorship. This means that if there are two owners, and one passes away, the other owner has the right to the full property.
- Tenancy by the entireties: This is similar to joint tenancy but is only available to married couples. If one spouse passes away, the other spouse will have the right to the full property.
- Tenancy in common: There is no right of survivorship when a tenant in common passes away. Instead, each owner has an undivided but distinct right to an interest in the property, which can be inherited or sold as the owner wishes.
We can help you weigh your options and determine which type of title meets your needs. For example, if you are married and buying your first home, joint tenancy or tenancy in the entireties might fit your situation. If you are purchasing a shared vacation home with friends or family, tenancy in common might help you to pass your property rights to your child or sell your share in the future.
Attorneys Helping You With Joint Tenancy, Contract of Sale and Deeds
Our attorneys have extensive knowledge of the law in Pennsylvania regarding title, contracts of sale and deeds. We can guide you through the process and help you to understand your options so you can make informed decisions about your property.
From our office in Bethel Park, we represent clients throughout the Pittsburgh area. To set up an appointment to discuss your real estate concerns, contact our real estate lawyers online or call us at 888-344-9640.