This form is a General Warranty Deed where the grantor is an individual and the grantees are two individuals holding title as tenants in common.
Houston Texas General Warranty Deed for Individual to Two (2) Individuals as Tenants in Common
Category:
State:
Texas
City:
Houston
Control #:
TX-SDEED-8-34
Format:
Word;
Rich Text
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How to fill out Texas General Warranty Deed For Individual To Two (2) Individuals As Tenants In Common?
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FAQ
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.
The most common type of deed used in Texas is a general warranty deed. This type of deed guarantees the title comes without any liens, easements, or other title problems.
The default form of co-ownership in Texas is a tenancy in common. A tenancy in common occurs when two or more parties jointly hold an interest in property. These co-owners hold an undivided interest and right to possess the property.
The Deed is the document that transfers title. You use a Deed as a means to convey or transfer the ownership rights to your property to or from another person or entity. The Deed must be a physical legal document. The Texas Property Code specifies the requirements for a legal conveyance of title.
Tenants in common disadvantages include: A joint tenancy is simpler and you do not have to work out shares. If a co owner dies and they do not have a will in place, then the property will go through the probate process. This is costly and takes time, so your children may not receive your inheritance as quickly.
General warranty deed: A general warranty deed is the most common type of deed used to transfer fee simple ownership of a property. Unlike a quitclaim deed, a general warranty deed does confirm a grantor's ownership and a legal right to sell.
When co-owners of a property are living and the property is held as tenants in common, a Form A restriction alerts third parties to the existence of the tenancy in common and the need to pay purchase monies to all co-owners.
Legal Issues Texas law recognizes three forms of cotenancy: community property, joint tenants with the right of survivor- ship (JTWS), and tenants in common (TIC).
One benefit of buying a home with a tenants in common agreement is that it may make it easier for you to get a home. Dividing up the necessary deposits and payments while splitting the cost of maintaining the property can make it more cost effective than just buying property alone.