Type of Tenancy
Joint Tenancy with Full Right of Survivorship: Two or more individuals own a property in equal shares such that when one of the joint tenant dies, his/her interest in the property is automatically transferred to the surviving joint tenant/s. This type of ownership ensures that the deceased's interest in the property does not go through probate, but it does not provide protections to the joint tenants from each other's liabilities (e.g. if one joint tenant goes bankrupt, creditors could force the sale of the property to get at that joint tenant's share of interest in the property). Joint tenancy with full rights of survivorship is available to two or more individuals, regardless of whether or not they are married to each other.
Tenancy by the Entirety: This form of ownership automatically transfers property interests of deceased owners to surviving owners, and is only available to spouses. Under a tenancy by the entirety, one spouse cannot dispose of property without the other spouse's permission.
Community Property with Right of Survivorship: This special form of joint tenancy is available only to spouses in AK, AZ, CA, ID, LA, NV, NM, TX, WA, and WI. Community property means that the spouses each own 50% of the property, as well as any debts that they each may have incurred. Community property provides less protections to individuals than tenancy by the entirety.
Note: Not all tenancy types are available in all states.
Joint Tenancy with Full Right of Survivorship
General Warranty: The Grantor warrants the title to be free and clear from all defects and encumbrances from third parties except as stated in the deed. The Grantor is responsible for soundness and validity of entire chain of title and can be held responsible by the grantee if the title is found to be defective.
Special Warranty: The Grantor warrants the title to be free and clear from all defects and encumbrances from third parties only during defects or claims asserted by the grantor and any persons whose right to assert a claim against the title arose during the period in which the grantor held title to the property. In essence, the grantor is warranting that he or she has done nothing during the course of ownership that would create defects on title but no guarantees are provided as to title prior to his or her ownership.
Quitclaim Warranty: No warranty is provided by the grantor as to the soundness of the title.
If the property is being transferred for a nominal amount, then use $10.00 as the consideration.
Where should the deed be sent to after recording?
(In some counties, the county recorder's office requires the Grantee to sign.)