Greenbook: A Local Guide to Chesapeake Living - Issue 3 | Page 38

The Legal
Ins & Outs
of Buying a
House with
Someone
Many people consider buying a house
together for many different reasons.
Whether it is your first-time home
or an investment property, buying a
house together does have its perks.
If done with care, this arrangement
can be very beneficial in getting
you a house that you may not have
otherwise been able to afford. Be sure
to figure out the details explained in
this article prior to buying a house
together, though, in order to avoid
financial and legal chaos.

Decide Between Tenants in
Common and Joint Tenants
38

GREENBOOK | SEPTEMBER - OCTOBER 2014

with Right of Survivorship

When you take ownership of property,
you receive a piece of paper, called a
"deed," that shows you have title. This
deed explains how you want to own
the property. When you and another
person or persons are buying a house
together, you can own the property
either as tenants in common (TIC) or
as joint tenants with the right of
survivorship (JTWROS). You still
own the home in each scenario, but
the implications of each are different.

Tenants in common
Each tenant in common owns his or
her own separate and distinct share
of the same property. The size of this
ownership share may vary, but each
person has an undivided, equal right
to use and occupy the entire property.
When a tenant in common dies, his or
her share of the property goes to his
or her beneficiaries, rather than to the
other tenants in common. This form
of holding title is most common with
unmarried persons, especially if they

each contribute a different amount
towards the property.

Joint tenants with right of
survivorship
Each tenant has the right of
survivorship, meaning that if one
owner dies, that owner's interest
in the property will pass to the
surviving owner or owners. The
interest in property of the deceased
owner simply evaporates, and cannot
be inherited by his or her benefi