South Carolina 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
Tenancy in Common (TIC) is a legal arrangement in which two or more parties have ownership interests in a real estate property or parcel of land. Tenants in common can own different percentages of the property. Tenants in common can bequeath their share of the property to a named beneficiary upon their death.
Introduction. A survivorship deed is a deed conveying title to real estate into the names of two or more persons as joint tenants with rights of survivorship. Upon the death of one owner, the property passes to and vests in the name of the surviving owner or owners.
When two or more people own property as tenants in common, all areas of the property are owned equally by the group, even if tenants have a different share of the ownership. For example, you and your partner/significant other may each own 25% of a property, while your third roommate might own 50%.
Joint Tenants with Rights of Survivorship: Created by SC Code §27-7-40. Upon the death of one owner, the death certificate is filed at the courthouse and that owner's interest automatically passes to the surviving owner(s). In other words, it does not pass through an estate.
(i) In the event of the death of a joint tenant, and in the event only one other joint tenant in the joint tenancy survives, the entire interest of the deceased joint tenant in the real estate vests in the surviving joint tenant, who is vested with the entire interest in the real estate owned by the joint tenants.
South Carolina does not recognize community property, homestead, or dower and curtesy. This means that spouses can buy, sell, or own property without the involvement of the non-owner spouse. South Carolina recognizes joint tenancy with right of survivorship as a common form of joint ownership for non-spouses.
Joint Tenants with Rights of Survivorship: Created by SC Code §27-7-40. Upon the death of one owner, the death certificate is filed at the courthouse and that owner's interest automatically passes to the surviving owner(s). In other words, it does not pass through an estate.
As of now, South Carolina law does not permit the use of TOD deeds to transfer ownership of real estate. Instead, other estate planning tools, such as joint tenancy or a living trust, can be used to avoid probate for real estate.
