South Carolina General Warranty Deed (To Joint Tenants with Right of Survivorship)
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How to fill out 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.
