How to hold title to property?

If you are buying property with another person, you will have the option of owning the property as joint tenants with right of survivorship or as tenants in common.

Joint Tenancy means that upon the death of one owner, the surviving owner has 100-percent ownership. The property can’t be left in a will to anyone else and is not included in the deceased owner’s estate.

Tenancy in Common means that the owners each own part of the property and they may designate who receives their share upon their death. If there is no will, it’s up to state law.

Married couples may hold title as Tenancy by the Entirety, which has the same characteristics as joint tenancy plus the additional characteristic of protecting the property from individual creditors of one spouse. Only creditors of both spouses can attach property held as tenants by the entirety.