Closing Property Title For Married Couple In Maryland
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FAQ
Tenancy by the entirety refers to a form of shared property ownership that is usually reserved only for married couples. A tenancy by the entirety permits spouses to jointly own property as a single legal entity. This means that each spouse has an equal and undivided interest in the property.
Technically, the traditional way for a married couple with the same last name is ``Mr. and Mrs. John Doe,'' which also turns my inner feminist tomato red, but a lot of the other options (married, different last names, for example) use the ``Mr. John Doe and Mrs. Jane Day'' format. :)
In Maryland, the law imposes a presumption that all property owned or acquired by a married couple, or titled in both names, is held as tenants by the entirety, unless the title specifically says otherwise.
In short, to force the sale of jointly owned property, you must first confirm title, then attempt a voluntary sale or buyout, file and serve a partition lawsuit, get an appraisal, sell the property, and finally divide the sale proceeds fairly.
Joint tenancy is most common among married couples because it helps property owners avoid probate. Without joint tenancy, a spouse would have to wait for their partner's Last Will to go through a legal review process—which can take months or even years.
For instance, if you're married, the most common way to title your home is Tenancy by the Entirety (TBE). That endows survivorship rights, some creditor protection, and allows for transfers only with the consent of both spouses.
Joint tenancy with right of survivorship (JTWROS) This is often a common vesting for married couples, but it also applies to family members planning to own a property together.
A wife is an equal partner in a household. She may or may not be on the deed of the house but she has equal rights on it. If something happens to her husband, no one has the right to kick her out of the house. She is the legal heir of her husband.