Common Ways To Hold Title On Your Deed

COMMON WAYS TO HOLD TITLE

In Pennsylvania and Maryland there are four standard ways that title to residential property may be held. Determining how you hold title may have legal ramifications for you and your heirs, so it is advisable to seek independent legal counsel if you need guidance.

Sole Owner 

A sole owner of a property is a person who has individual ownership of the property.

Tenants in Common

A form of ownership between multiple parties, where each party directs how their share will be distributed upon their death. Title does not automatically pass to the co-owners, and each owner can also sell or mortgage their share. Ownership percentage is determined by the parties.

Joint Tenants with Right of Survivorship

A form of ownership between multiple parties. Each party owns an undivided share of the entire property. Upon the death of one owner, their share automatically passes to the remaining owners and cannot be distributed otherwise.

Tenants by the Entirety

A form of ownership similar to Joint Tenants with Right of Survivorship, but reserved for married couples. In addition to the features discussed above, this form of ownership offers other protections which may be discussed with an attorney.