Tuesday, August 9, 2011

Do You Know How Your Home is Titled? For Sure?

I ran across an article discussing the importance of knowing how your home is owned, specifically if the home is owned by more than one owner. The article focuses on the importance of knowing whether or not the property is owned as joint tenants or as tenants in common. The way the property is owned (joint tenants or tenants in common) makes a difference in how the property is owned upon the death of one of the property's owners. You can read the full article here.

In Utah, real property is owned as joint tenants if (1) a married couple expressly indicates on the deed of ownership that they are husband and wife or (2) the words "joint tenancy interest with rights of survivorship" or similar verbiage are expressly included on the deed of ownership. If the deed does not have the above language, the owners are considered tenants in common.

In 2011, the Utah State Legislature amended the joint tenancy statute in Utah. The new statute makes it clear that entities of any kind, including corporations and trusts, cannot own property in joint tenancy. Only individual natural persons can own property in joint tenancy if expressly indicated on the deed of ownership.

You can read the full Utah joint tenancy statute here.

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