What does joint tenants with rights of survivorship mean?
What does tenants in common mean? Tenants in common means you can transfer your interest in the property freely, without the necessity of the other owner’s permission. Your interest is also transferable on your death, that is your heirs may inherit your interest through your will. I have just gotten divorced and I was awarded our house. What do I need to do with the deed? You need to have your former spouse sign a deed transferring their interest in the house to you. The deed then needs to be filed in the registry of deeds for the county in which you live. Until the deed is signed, your ex-spouse still has a title to the property. What is a transfer tax? Transfer tax is a state tax assessed on all transfers of real estate. There are certain instances when the transfer tax is not assessed, such as when property is transferred pursuant to the terms of a divorce decree. Currently, the transfer tax is $15 per $1,000 of the purchase price. So, for example, if the sales price is $150,000, th
Related Questions
- I own my home and some other assets as joint tenants with rights of survivorship with my spouse. Doesn’t that eliminate the necessity for having a will?
- How can I re-register my Joint Tenants with Rights of Survivorship or Tenants by Entirety account if the joint account holder has passed away?
- What does joint tenants with rights of survivorship mean?
