How should property be titled?

What is the name of your state? Virginia My son is buying a condo and we (his parents) are co-signing because he could not qualify on his own. We plan to split everything 50/50 between him and us, with him living in the unit and renting out the second bedroom, for which we will collect the rent. It will be an investment for us, and wonder whether we should take title as Joint Tenants or as Tenants in Common. We would like to have the option to either buy out his half, or have him buy us out if he can handle it on his own in a few years. Which is the best way to hold title that will result in the easiest and cheapest transfer if we decide to do that in the future?

[HomeGuru]

[quote]Originally posted by LouConover
[b]What is the name of your state? Virginia My son is buying a condo and we (his parents) are co-signing because he could not qualify on his own. We plan to split everything 50/50 between him and us, with him living in the unit and renting out the second bedroom, for which we will collect the rent. It will be an investment for us, and wonder whether we should take title as Joint Tenants or as Tenants in Common. We would like to have the option to either buy out his half, or have him buy us out if he can handle it on his own in a few years. Which is the best way to hold title that will result in the easiest and cheapest transfer if we decide to do that in the future?

**A: if both of you were to get into an accident and die, would you want the property to go to him? If so, JT would be ok.