Joint Tenants With Right Of Survivorship In South Carolina
Description
How to fill out Agreement Between Unmarried Individuals To Purchase And Hold Residence As Joint Tenants With Right Of Survivorship?
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FAQ
Married couples in South Carolina most commonly own property together as joint tenants with rights of survivorship. The advantage is that when one spouse dies, the surviving spouse automatically takes ownership of the property without it being subject to probate.
Yes, a lien may be placed on property that is jointly owned. However, the effects of that lien depend on the type of ownership that the property is under. Before discussing the terms of joint ownership, it's important that you understand exactly what liens are and what they may mean for you and your investment.
South Carolina does not recognize transfer-on-death (TOD) deeds. TOD deeds?where recognized?serve a purpose similar to life estate deeds without restricting the owner's property rights during life. Another South Carolina deed form relevant to estate planning is called a deed of distribution.
Under the modern common law in South Carolina, a tenancy in common is the favored form of joint ownership.
These terms are typically found in a South Carolina deed to real property. Tenants in common means each owner owns a share of the property, whereas joint tenants with the right of survivorship mean that the owners all own the whole property, and when an owner dies, the surviving owner owns the property.