Oklahoma City Oklahoma Warranty Deed for Separate or Joint Property to Joint Tenancy
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How to fill out Oklahoma Warranty Deed For Separate Or Joint Property To Joint Tenancy?
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FAQ
An Oklahoma general warranty deed is a written, signed instrument for legally transferring title to Oklahoma real estate. 1. A general warranty deed?or just warranty deed in the Oklahoma statute?is distinct from other Oklahoma deed forms because it transfers real estate with complete warranty of title.
Q: What is joint tenancy? A: It is a particular type of property ownership by which two or more persons may own real estate or personal property together.
Act of any person interested in operating upon his own share This means that one of the Joint Tenants can alienate or transfer his share to another; it could be to another Joint Tenant or to someone outside of the original co-ownership agreement.
If you hold the property as joint tenants, both of you will own the whole of the property. You will not each have a quantified share in the property and will not be able to leave a share of the property in your will.
Under joint tenancy, each co-owner retains the right to sell, give away, or transfer his or her share, but the transfer of a share without transferring all of the shares destroys the joint tenancy concerning the share transferred.
Property owned in joint tenancy automatically passes to the surviving owners when one owner dies. No probate is necessary.
In Oklahoma, these forms of joint ownership are available: Joint tenancy. Property owned in joint tenancy automatically passes to the surviving owners when one owner dies. No probate is necessary.