Being a homeowner comes with many different responsibilities. To name one, it is important that you understand the ownership of property. Why? It is mainly concerned with the inheritance of your property when we pass away. Apart from this, it has much to do with how it would affect the bills you pay and real estate taxes you will need to manage. There are only three ways to one can own a property. It could either be in your name, joint names, or by contract rights. A Property or properties named under a sole owner, in time of death, is needed to be probated. Meaning, it is important that you have a pre-written will to whom you wish to give your property to. Otherwise, a probate judge will decided to whom the property will be assigned. Usually, these will be transferred to the names of relatives or loved ones. A joint ownership of property has several types. Joint owners have either equal rights or a certain percentage right on a property. In the case of equal rights, such as husband and wife, when one dies, sole ownership is automatically transferred to the other. In terms of percentage rights, when one owner dies, the ownership is passed on to its beneficiaries. In joint ownership, the property cannot be sold without the consent of both owners but joint ownership by percentage, his share of the property can be sold. Contract rights on the other hand allow full authority to the owner of the property. The transfer of rights is done outside of probate and passed on to designated beneficiaries by the owner. Posted by Colleen Lane on
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