A South Carolina General Warranty Deed (To Joint Tenants with Right of Survivorship) is a legal document used in South Carolina to transfer ownership of real property from one party to another. This type of deed provides a guarantee or warranty that the seller (granter) has the legal right to sell the property and that there are no encumbrances or claims against it, except those stated in the deed. Keywords: — South Carolina: This refers to the state in which the General Warranty Deed is utilized to convey property rights. Each state may have its specific laws and requirements for this type of deed. — General Warranty Deed: This type of deed offers the highest level of protection to the buyer (grantee) by ensuring that the seller (granter) has full legal ownership of the property and will defend any future claims against it. — Joint Tenants: This refers to the way the ownership of the property is held. Joint tenants have equal shares in the property and the right of survivorship, meaning that if one joint tenant passes away, their share automatically transfers to the surviving joint tenant(s). — Right of Survivorship: This legal principle ensures that when one joint tenant dies, their ownership interest in the property is automatically transferred to the surviving joint tenant(s) without having to go through probate. Different types of South Carolina General Warranty Deeds (To Joint Tenants with Right of Survivorship) can include: 1. Single-Family Home Deed: This type of deed is commonly used when transferring ownership of a single-family residential property from one party to another, where the co-owners will hold joint tenancy with the right of survivorship. 2. Multi-Family Dwelling Deed: This deed is applicable when transferring ownership of a multi-family property, such as a duplex or apartment building, to multiple individuals who wish to hold joint tenancy with the right of survivorship. 3. Vacation Property Deed: This type of deed is used for transferring ownership of a vacation property, such as a beach house or cabin, to multiple individuals who want to co-own the property and have the right of survivorship. In South Carolina, it is essential to consult with an experienced real estate attorney or title company to ensure the correct type of deed is used for the specific property being transferred and to comply with all state and local laws regarding the conveyance of real estate.
South Carolina General Warranty Deed (To 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.
A joint tenancy creates a right of survivorship, which means that if one party dies, their interest is automatically transferred to the surviving tenant(s). Joint tenancy is different from a tenancy in common, where a deceased tenant's share is passed on to their heirs.
Owners in a joint tenancy with the right of survivorship cannot transfer their interest during their lifetime. If the court awards a partition to co-tenants, the court will normally attempt a partition by kind.
If the married couple or joint owners of a property do not have a tenancy by the entireties title, any lien can attach to the person's interest in the property. Whether it's judgment or confessed judgment, the lien will attach to the homeowner's interest, making the lienor a co-owner of the property.
Joint tenancy with right of survivorship is used when property is held by two or more persons and, upon death, each owner's interest automatically passes to the other co-owners. Tenancy by the entirety is a type of joint tenancy that applies only to husband and wife during the marriage.
To add a name to your property you must sign a new deed conveying interest to an individual. To take someone's name off property they must sign a new deed conveying their interest to someone else. We DO NOT PREPARE documents in the Register of Deeds Office. We only RECORD documents.
Joint tenants with the right of survivorship are two or more people who own an equal interest in a property. When one person dies their interest passes automatically to the surviving joint tenant(s). In contrast, tenants in common can own unequal shares in a property and have no right of survivorship.
For spouses: Assets in JTWROS accounts may get a step-up on cost basis when either spouse passes away. This can help reduce capital gains taxes when selling a property, but you can only step-up half of the full value of the asset. This 50% step-up represents the portion owned by the joint owner who died.
