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purchasing new home

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phal

Junior Member
What is the name of your state (only U.S. law)? Nebraska - husband and wife purchasing new home - which is best way for title to be held as: joint tenants or tenants in common? what's the difference?
 


LdiJ

Senior Member
What is the name of your state (only U.S. law)? Nebraska - husband and wife purchasing new home - which is best way for title to be held as: joint tenants or tenants in common? what's the difference?
The norm is joint tenancy with rights of survivorship, for married couples.
 

FlyingRon

Senior Member
The norm is joint tenancy with rights of survivorship, for married couples.
In general there's three types of tenancy: common, joint, and by the entirety. Nebraska doesn't recognize by the entirety so that's out.
Nebraska assumes that unless stated as joint, the property owned by more than one person, even husband and wife, is tenancy in common.

Joint tenancy gives each party an undivided interest such that when one of you dies, the other gets ownership to the property (in some states other than Nebraska, you must explicitly state the survivorship interest, and it's not uncommon in Nebraska, but not strictly necessary). The only minor downside is that you can't divest your interest jointly held property alone. However, a joint tenant has the option (without the permission of the other property) to convert the joint tenancy to tenancy in common.

Tenancy in common says you own half and your wife owns half (or whatever share is stated in the deed). You're free to sell your share if anybody would be interested in buying it. When you die, your will or the laws of intestate succession determine how ownership of your share would be distributed. If you have no will and you have either children (or their descendants) or surviving parents, the spouse splits your share with those people.
 

robinmathews

Junior Member
Purchasing new home

Well, that's great congrats for this. If you have counted all the terms and conditions before purchasing a new home its good, you can also consult with any real estate group all the current strategies of the real estate market maybe this will help you to find reliable home.
 

MikeEngland

Junior Member
A Professional Real Estate agency can help you buy new home according your requirement with affordable price. Buy home where you want within a few days.
 

FlyingRon

Senior Member
A Professional Real Estate agency can help you buy new home according your requirement with affordable price. Buy home where you want within a few days.
A truly professional real estate agent wouldn't come posting spam on stale threads.
 

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