Tenancy in Common – owned by two or more people (equally or in different percentages) with no right of survivorship and the right to individually sell their legal interests in the property.Tenancy by the Entirety – a joint tenancy between a legally married couple.Joint Tenancy – owned equally by two or more people with the right of survivorship (if one dies, ownership passes to the surviving person), and each person must agree to sell their legal interests in the property.Sole Ownership – owned entirely by one party (individual or entity).Here are the different types of ownership it might mean: How Does a Quitclaim Deed Work?Ī quitclaim deed form conveys title and whatever ownership the grantor has in the property. Real property owners often use a quitclaim deed as a complementary document to a divorce or separation agreement. Public Auction Sale: Tax/public auction sale where the buyer assumes the risk of a defective title.Business: Quitclaim deed transfers between parent companies to subsidiaries.Estate Planning: The person transfers property to a living trust.Family Member: The parent wants to transfer title to a child, or a person transfers property between other family members like siblings.Title Defect: Fix any errors such as misspelled names or other clerical mistakes.Chain of Title Defect: Title insurance companies find others with potential interests in the property and ask them to waive interest in the property. ![]()
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