Real Estate non-spousal ownership

What is the name of your state (only U.S. law)?
Texas.

My best friend and I bought a beach house 18 yrs ago. (both names on deed).
Neither of us has a will, yet
What type of document should we create to spell out what happens if:
a. One of us wants or needs to sell their 1/2 interest.
b. Disposal of 1/2 interest on death

lilcrow said:

What is the name of your state (only U.S. law)?
Texas.

My best friend and I bought a beach house 18 yrs ago. (both names on deed).
Neither of us has a will, yet
What type of document should we create to spell out what happens if:
a. One of us wants or needs to sell their 1/2 interest.
b. Disposal of 1/2 interest on death

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**A: how is tenancy currently held?

Neither of us occupy the beach house. My wife and I go down occasionally on weekends or take a few days vacation there, and my friend and his wife do the same, and sometimes we all go down together.
Also, we bought the place before either were married.

lilcrow,

I think what HomeGuru is asking you is---- exactly how is the title held between the two parties ?
And, a further question would be---how would you want to be able to split or have the home pass on ?

CLJM said:

lilcrow,

I think what HomeGuru is asking you is---- exactly how is the title held between the two parties?

Click to expand...

Both you and the OP would do well to understand that HomeGuru wouldn’t recognize a volume of “Powell on Real Property” from a Sears tool catalogue or a law library from a Wal-Mart Garden Center.

He knows as much about American Jurisprudence as Meredith Wilson’s Broadway stage character and con artist, “Professor Harold Hill” knew about music.

(Who in the book written for the famous musical was aptly described in Act One by “Charlie” the traveling anvil salesman as “ a bare faced, two-bit, double shuffle, thimble rigger!”

Like the boys' band instrument salesman, “Harold Hill” - who "Chalrlie" claimed “didn’t know a bass drum from a pipe organ”’, HG tosses out "legal advice" without possessing on an iota of a professional credential!
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Here the OP clearly states that he and his friend acquired the property with both “names on the deed”. Plus the post twice refers to their separate “1/2 interests”.

What more information is needed to understand that they created an estate in cotenancy, hold title to the property as tenants in common with each owning an equal, undivided interest?!

For reasons unknown to HG an estate in cotenancy is the worst possible way to hold title to real property. If title is left as is, it will eventually spawn legal headaches and very expensive legal headaches!

Inasmuch as the co-owners use the house infrequently they would do well to list and sell the property before one of them dies and the survivor is forced to deal with multiple co-owners. Each of whom would have equal rights to the use of the home and each of whom would need agree in order to sell the property.

The owners desperately need to speak with a lawyer based in Texas familiar with the laws relating to cotenancy. Laws that are complex and complicated and not to be researched by lay people, particularly via the Internet.

No...I am not sure it was understood that the OP had a co-tenancy and what the ramifications mean---least of all to the OP him/herself; otherwise they would not have posed the questions they did. I saw only " both names on deed", and "1/2 interest".
Many people co own property with another or others, and yet don't fully realize that HOW ownership is held makes a very big difference.
I see no reason whatsoever to SELL right now, unless that is what they want to do. I would agree, however, that both couples would benefit from discussing what it is they want, and then consulting with an attorney to ensure that everything is in order.
There is no response regarding your diatribe of HG !


For the OP.... I believe it does matter how the title is held.

Co-tenants: your interest would pass as specified in your will or other estate planning documents, or absent a will, by heir descent distribution laws according to your state.

Joint tenants with right of survivourship: your interest would pass to the other party upon your death.

I hope this is helpful to you.