Choice of Tenancy (AC Sept 2023)

Choice of Tenancy

Multiple purchasers may take title any number of ways. We advise you to seek independent legal counsel for a complete list of alternatives that might best suit your needs. However, the primary ways multiple purchasers take title are defined below.

Please refer to the options below to see which best suits your needs:

_______        Tenants by the entirety – ONLY available to a married couple. Most state court judgments against only one spouse cannot attach during the marriage. Neither spouse can convey their interest without both signing the deed or deed of trust. Divorce severs the tenancy. When one owner dies the other becomes sole owner. Form of ownership used by most married couples in Virginia.

_______        Joint tenants – Owners must own equal undivided interest in the whole property and title must be conveyed in the same deed. The deed must state that survivorship is intended, meaning when one dies the surviving owners own 100%. Without that language the parties own as tenants in common. Judgment against any one owner attach to the real estate. Any owner can convey their interest which terminates the joint tenancy as to that person’s interest.

_______        Tenants in common – default form of ownership. If no special words are used, tenants in common applies. Owners may own unequal shares acquired in different deeds, but all have the right to possess the whole property. Owner’s will or intestate statutes determine who inherits ownership when the owner passes away. Judgments of the owner attach to that owner’s interest in the real estate.