Montana Deed (Including Acceptance of Community Property with Right of Survivorship)
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FAQ
Understanding the Different Types of Deeds in Montana A deed transfers real property from a grantor to the grantee. There are three main types of deeds: the general warranty deed, the special warranty deed, and the quitclaim deed.
Joint Tenancy ? Joint tenancy with right of survivorship is a form of co-ownership in which two or more persons own the same property subject to the other joint tenant's ownership right. When a joint tenant dies, his or her economic interest automatically passes to any surviving joint tenant or tenants.
Tenancy in Common If parties hold property as tenants in common, then, neither party has a right of survivorship. Instead, the deceased owner's heirs inherit the property, and these heirs will then own the property, together with the original owner, as tenants in common.
Joint tenancy has right of survivorship Joint tenants own equal shares of the property and each one has the right to possess the property. When a joint tenant dies, the other joint tenants automatically inherit the property.
Tenancy in common provides no right of survivorship The important distinction between tenancy in common and other types of co-ownership is that, upon death, each owner's interest passes to his heirs or those named in his will.
Tenancy in Common is one of three types of shared ownership. The other two types are Joint Tenancy and Tenancy by Entirety. A TIC has no right of survivorship and when a tenant in common dies, their share of the property passes to their estate, where a beneficiary of the share of property may be named.
Which of these cannot take title as a joint tenant with right of survivorship? A corporation. Because a corporation continues indefinitely until terminated by legal action, a corporation may never take title as a joint tenant. It would never die.
Tenants in common is co-ownership wherein each owner has an (i) undivided interest in the property (ii) with no right of survivorship and (iii) only requiring a unity of possession.