North Carolina Quitclaim Deed for One Individual to Three Individuals as Joint Tenants with the Right of Survivorship
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FAQ
To create a joint tenancy, all you need to do is put the right words on the title document, such as a deed to real estate, a car's title slip, or the signature card establishing a bank account.
Joint tenants, on the other hand, must obtain equal shares of the property with the same deed, at the same time. The terms of either a joint tenancy or tenancy in common are outlined in the deed, title, or other legally binding property ownership document.
Adding someone to your house deed requires the filing of a legal form known as a quitclaim deed. When executed and notarized, the quitclaim deed legally overrides the current deed to your home. By filing the quitclaim deed, you can add someone to the title of your home, in effect transferring a share of ownership.
Ownership of real property can be held in equal or unequal shares among the property's co-owners. In a joint tenancy, there is equal ownership, but a tenancy in common arrangement can have ownership divided unequally.
Joint tenancy is a form of property ownership normally associated with real estate. Each party in a joint tenancy has an equal interest in the propertythe financial obligations as well as any benefits.
For example, joint tenants must all take title simultaneously from the same deed while tenants in common can come into ownership at different times. Another difference is that joint tenants all own equal shares of the property, proportionate to the number of joint tenants involved.
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Joint ownership. Unlike a tenancy in common, where co-owners may possess unequal interests, the legal interest of each joint owner is equal to the interest of every other joint owner. If there are three joint owners, each owns an equal, undivided, one-third interest in the entire property.
The dangers of joint tenancy include the following: Danger #1: Only delays probate. When either joint tenant dies, the survivor usually a spouse or child immediately becomes the owner of the entire property. But when the survivor dies, the property still must go through probate.