Cape Gazette

Equal Property Rights

By Bill Cullin | Oct 29, 2015
When two or more individuals own property together, each one owning an equal interest and having equal rights in the property including the rights of survivorship, it is referred to as joint tenancy. Any of the joint tenants may transfer his or her interest in the property to another party, but this dissolves the joint tenancy and creates a tenants-in-common interest with respect to the other parties whose names are on the title. 

The most important feature of joint tenancy is the right of survivorship. A joint tenant cannot will his or her interest in the property to others. The surviving joint tenant (or tenants) simply becomes the owner or owners of the property without going through the probate process, which can involve expensive legal fees and may take months to resolve. 

It is important to get professional advice when you plan to buy and hold title to real estate with another person.

To Learn More, Contact Bill Cullin Today.

Bill Cullin, REALTOR®

Your Real Estate Source at the Delaware Beaches


Direct: 302-841-7147

Office: 302-227-2541

Toll Free: 1-800-462-3224, ext. 117

Fax: 302-227-8165

Long & Foster Real Estate, Inc.

37156 Rehoboth Avenue Ext, Suite 5

Rehoboth Beach, Delaware 19971

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