This form is a Warranty Deed where the grantors convert community property a joint tenancy holding.
Texas Warranty Deed for Community Property to Joint Tenancy
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How to fill out Texas Warranty Deed For Community Property To Joint Tenancy?
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FAQ
There are three common ways to title property between spouses. The 'joint tenant' approach is the least common and usually must include the language 'with right of survivorship and not as tenants in common. ' Spouses typically acquire title as tenants by the entireties, which only applies to spouses.
With a Survivorship Deed in place, when one of the parties in a joint tenancy dies, the other party (or parties) takes over the deceased party's interest in the property instead of it passing to the deceased's heirs or beneficiaries.
The deed specifies that the joint tenants own an equal amount of interest in the purchased property and are thus equally liable for it financially. Since the joint tenants have equal interest, the property cannot be sold without all parties' consent.
Unlike most states Texas does not automatically recognize joint tenancies as having a right of survivorship. Instead the parties must agree, in writing, to include a right of survivorship.
A tenancy by the entirety is different from the others because only a married couple that owns the property together may use this type of tenancy. In addition, a tenancy by the entirety only lasts as long as the couple is married. Not all states recognize tenancy by the entirety. Texas does not.
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.
What is Community Property? Community property is also a form of co-ownership, but is applicable only between husband and wife. Like joint tenancy property, each spouse's interest in community property is equal during their marriage.
In Texas, a married couple can agree in writing that all or part of their community property will go to the surviving spouse when one person dies. This is called a right of survivorship agreement. The right of survivorship agreement must be filed with the county court records where the couple lives.
Quite simply, with a joint tenancy each person has ownership of the complete property. If one owner dies, the property passes automatically to the remaining joint tenant(s). With this type of home ownership, no more than four people are permitted to share ownership of a property as joint tenants.