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A title is a document that outlines the legal owner of a property. There are two types of title registration: real and personal property. Personal property refers to properties that do not involve real estate. On the other hand, real property includes physical properties present in the real estate plus another usage right.
When talking of real estate title registration, these can take different forms. The different forms are due to financing, taxing, and ownership transfer. Each type of real estate title registration has its advantages and disadvantages that you need to understand. Below, we will discuss types of title registration that anybody can consider when looking for real estate ownership.
This type of title registration involves a partnership of two or more partners. Joint tenancy allows a group of people gets equal rights over real estate through taking a single title registration. Joint tenancy protects every tenant's rights so that, in case one of them dies, a surviving tenant takes over the ownership. The process is called the right of survivorship.
One of the key advantages of this real estate title registration is that the responsibility is shared between tenants. Hence, if there comes a situation of financial burden, the burden will be shared by all tenants.
Tenancy in common
In this type of real estate title registration, two or more owners jointly hold a title with equal or unequal shares. This means that one can have 60% interest while the other partner gets 40% interest in real estate. The owners who choose this type of title registration tend to have their title for the piece they own in real estate.
A thing to note about the registration is that one can enter at any time, as long as there is an available piece in the real estate.
Tenants by entirety
This real estate title registration form is only available to a married couple. Under tenants by the entirety, a couple is considered as one. This type of title registration does not affect anything if one spouse dies, as the remaining spouse is still considered the owner. Hence, there is no need for a will since no legal action will be taken.
In addition, it is important to note that during the submission of the land, it is done when a couple is both present, and the land cannot be divided between spouses in case they happen to divorce.
For more information on title registration, contact a professional near you.Share
4 April 2022