This form is a Warranty Deed where a husband and wife convert their community property to a joint tenancy holding.
Wisconsin Warranty Deed for Conversion of Community Property to Joint Tenancy
Category:
State:
Wisconsin
Control #:
WI-SDEED-3
Format:
Word;
Rich Text
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How to fill out Wisconsin Warranty Deed For Conversion Of Community Property To Joint Tenancy?
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FAQ
The term joint tenants in common (JTIC) refers to a legal relationship in which two or more people own a piece of property or another asset where no rights of survivorship are afforded to any of the account holders. If one owner dies, the surviving owner doesn't necessarily acquire the rights of the deceased owner.
Change from tenants in common to joint tenantsYou need the agreement of all the other joint owners to change from being tenants in common to joint tenants. A solicitor, conveyancer or legal executive can also make the application for you.
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 the Difference Between a Warranty Deed & a Survivorship Deed?A warranty deed is the most comprehensive and provides the most guarantees. Survivorship isn't so much a deed as a title. It's a way to co-own property where, upon the death of one owner, ownership automatically passes to the survivor.
It would be simple for us to say that you can simply record a new document putting both of you onto title to the home as joint tenants with rights of survivorship. Usually, when you make a simple change in the title from tenants in common to joint tenants, the taxing authorities will ignore that change.
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.
You may agree with your other co-tenant(s) to sever it. If you cannot agree on how to divide the property, you may terminate your tenancy in common by seeking judicial partition of the 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.
Change from joint tenants to tenants in common You can make this change without the other owners' agreement. A solicitor, conveyancer or legal executive can also make the application for you.