This form is a Warranty Deed where the grantor is one individual and the grantees are three individuals who hold title as tenants in common.
Lee's Summit Missouri Warranty Deed from One Individual to Three Individuals as Tenants in Common
Category:
State:
Missouri
City:
Lee's Summit
Control #:
MO-SDEED-8-3
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Missouri Warranty Deed From One Individual To Three Individuals As Tenants In Common?
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FAQ
A Tenancy in Common is a type of ownership whereby all owners have a percentage of ownership and complete right to possess the entire property. A Tenancy in Common must have the unity of time and title which means the tenancy must be created in one document and at the same time.
Overview. A tenancy in common (TIC) is one of three types of concurrent estates (defined as an estate that has shared ownership, in which each owner owns a share of the property). The other two types are a joint tenancy and a tenancy by the entirety. A TIC typically has no right of survivorship.
Where a property is owned as tenants in common, this means that each owner has their distinct share of the property. In the absence of a document which lists what share is owned by which owner it is assumed that each owner owns an equal share.
Under joint tenancy, both partners jointly own the whole property, while with tenants-in-common each own a specified share. If couples want to go into more detail beyond the percentages of what they own in the property, they can do this using a trust deed or they can set this out in their will.
A tenancy in common is another form of co-ownership. It is the ownership of an asset by two or more individuals together, but without the rights of survivorship that are found in a joint tenancy.
Overview. A tenancy in common (TIC) is one of three types of concurrent estates (defined as an estate that has shared ownership, in which each owner owns a share of the property). The other two types are a joint tenancy and a tenancy by the entirety. A TIC typically has no right of survivorship.
For those who are purchasing a property with someone who is not related to them, or for investment purposes, titling as tenants in common is a good choice. When buying a dwelling with your spouse as a primary residence, joint tenancy usually makes more sense.
Joint tenancy also differs from tenancy in common because when one joint tenant dies, the other remaining joint tenants inherit the deceased tenant's interest in the property. However, a joint tenancy does allow owners to sell their interests. If one owner sells, the tenancy is converted to a tenancy in common.
Cons. All tenants are equally liable for debts and property tax. It only takes one of the people involved to force the sale of the property. You don't automatically get the property rights of a fellow tenant when they die.
Tenancy by entirety (also called tenancy by the entirety) is a method of house title by which a married couple or legal domestic partners hold equal interest in a piece of real estate. In other words, it means both spouses can own their home together, equally.
