This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
West Virginia Agreement as to Tenancy-in-Common Ownership of Premises with neither Owner to Sell or Rent Premises without Other's Consent
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Multi-State
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US-02284BG
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Word
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How to fill out Agreement As To Tenancy-in-Common Ownership Of Premises With Neither Owner To Sell Or Rent Premises Without Other's Consent?
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FAQ
Joint tenants must always hold the legal title; tenants in common can only hold the equitable title. This means that when there is one sole survivor upon the death of a tenant in common, he does take full ownership of the legal estate despite not obtaining the equity share that has been left.
Without re- ferring to the McNeeley case, the West Virginia court did not think that a conveyance to husband and wife created a tenancy by the entireties; partition was allowed. "And it is held that partition can- not be made between tenants by the entirety."
In West Virginia, property that is acquired by a married couple is not automatically considered a joint tenancy or tenancy by the entirety. The deed must expressly state that the right of survivorship is intended.
Elements of joint tenancy are possession, interest, time, and title. The only element required in a tenancy in common is possession.
Virginia is one of approximately 24 states that allow married couples to hold title to real estate as tenants by the entirety.
Joint owned property is any property held in the name of two or more parties, like husband and wife, or business partners, friends, or family members. The risks of joint owned property are the potential for financial issues with partial ownership of a property, like one party wanting to sell their share.
If you hold the property as tenants in common this means that each owner has a distinct share in the property. In the absence of any statement to the contrary, it is presumed you hold in equal shares. Alternatively, it may have been specified what share of the property belongs to each owner, e.g. 70/30.
A surviving spouse or co-owner immediately becomes the sole owner of the property when the other spouse or co-owner dies. Tenants by the entirety are allowed only between spouses. The property is protected from any debts incurred by a spouse who dies.
States with tenancy by the entirety are: Alaska, Arkansas, Delaware, Florida, Hawaii, Illinois, Indiana, Kentucky, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Tennessee, Vermont, Virginia, and Wyoming.
In the case of a husband and wife who own their property as tenants in common, they will be deemed to own 50% each. With this type of ownership, there is no right of survivorship, so the property does NOT automatically pass to the surviving owner but instead will pass according to the deceased owner's Will.