This form is a Joint Tenancy Deed where the grantor is an individual and the grantees are husband and wife.
Joint tenants with right of survivorship on a deed is a type of co-ownership arrangement in real estate where two or more individuals hold equal ownership shares in a property. This form of ownership ensures that when one owner passes away, the remaining owner(s) automatically inherits the deceased owner's share, without the need for probate proceedings. It offers a simple and efficient way to transfer property upon the death of a joint tenant. Keywords: joint tenants, right of survivorship, deed, co-ownership, property, ownership shares, inherit, probate proceedings, transfer property, death, joint tenant. There are three common types of joint tenants with right of survivorship on deed: 1. Joint Tenancy with Right of Survivorship: In this type of joint tenancy, all the co-owners receive equal shares and have an undivided interest in the property. When one owner passes away, their share automatically transfers to the remaining owner(s) without the need for a will or probate. 2. Joint Tenancy in Common with Right of Survivorship: This type of joint tenancy allows for unequal ownership shares among co-owners. While the principle of right of survivorship still applies, the ownership percentages may vary based on contributions or agreements made among the co-owners. 3. Tenancy by the Entirety: This form of joint tenancy is exclusively available to married couples and offers the same rights of survivorship as the previous two types. However, it adds a layer of protection against creditor claims, meaning that creditors of only one spouse cannot attach or force a sale of the property. It is important to note that the establishment of joint tenancy with right of survivorship on a deed requires the consent of all parties involved. Additionally, any changes made to the deed or transfer of ownership should be properly recorded to ensure legal validity and clarity.
