Oklahoma City Oklahoma Warranty Deed from Individual to Individuals as Joint Tenants
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How to fill out Oklahoma Warranty Deed From Individual To Individuals As Joint Tenants?
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FAQ
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.
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.
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.
When you buy a property as joint tenants, it means you both own the property equally. It does not matter if one person has paid 80% of the deposit or is contributing more towards the mortgage repayments. As joint tenants, your ownership is completely equal.
Adding someone to your house deed requires the filing of a legal form known as a quitclaim deed. When executed and notarized, the quitclaim deed legally overrides the current deed to your home. By filing the quitclaim deed, you can add someone to the title of your home, in effect transferring a share of ownership.
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.
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.
