Colorado Deed Conveying Property held by Spouses as Tenants in Common to Husband and Wife as Community Property
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How to fill out Deed Conveying Property Held By Spouses As Tenants In Common To Husband And Wife As Community Property?
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FAQ
In Colorado, joint tenancy, a form of co-ownership, creates a right of survivorship. If one joint tenant passes away, their interest in the property automatically passes to the surviving joint tenant(s) without the need for probate.
Like joint tenancy property, each spouse's interest in community property is equal during their marriage. Unlike joint tenancy, however, each spouse's one-half community property interest is subject to disposition by the deceased spouse's will.
Joint tenancy seems to be the most common way to take title, but it may not be the best way.
Tenancy in common In practice, this means that each co-owner has the ?non-exclusive right to possession of the entire property.? At the same time, each co-owner also has the right to mortgage, sell, or otherwise transfer his own interest in the property without the consent of the other owners.
Colorado recognizes three basic types of ownership: sole ownership, joint tenants, and tenants in common. In this type of ownership, one individual or entity owns the property completely with no other tenants. While this may seem straightforward on its face, there is a slight wrinkle that may affect sole ownership.
Joint tenancy with rights of survivorship (JTWROS) Type of owner: married couplesThe most common form of property ownership for married couples is joint tenancy with rights of survivorship, which awards both parties undivided ownership.
Joint Tenant: Each joint tenant has equal rights to the whole property. Tenants in Common: Each tenant in common can hold a different share of the property.
In other states, two spouses can own property by tenancy by the entirety. Colorado law does not recognize tenancy by the entirety. Property in Colorado can only be owned be- tween two or more individuals in joint tenancy or as tenants in common.
