Unmarried And Purchasing Real EstateIt's becoming more frequent that couples are moving in together and buying real estate without any plans of getting married. When a married couple gets divorced, it's an easier process to divide, because the distribution of their marital property is governed by Domestic Relations law, according to realtytimes.com. But what happens to the property if an unmarried couple decides to break-up? This depends on two things. First, how the unmarried couple took title to the property and whether or not this couple has a written agreement regarding their rights if the relationship ends. The Jacksonville movers your local Jacksonville moving company explains why it's important to know the different types of co-tenancies.
Tenancy by the entirety. What this means, is that each person has an equal percentage to the entire property. This is usually what happens by default, when a husband and wife purchase a property together. With this type of ownership, the property automatically passes on to the surviving spouse. The only way for a tenancy by the entirety to be broken is through an agreement, divorce or death.
Then there's tenancy in common. This form of ownership is the default between an unmarried couple or more parties. According to realtytimes.com, each person has an undivided interest in the entire property, but there are no rights of survivorship. So what happens in case of death? If death occurs, a tenant in common's interest will go to his/her estate. Through this form of ownership, a tenant in common can sell, mortgage or pass on his/her ownership to the property. If the property is sold, then the proceeds would be divided equally between the co-tenancies.
Last but not least, joint tenants. If you're interested in purchasing a property with this form of ownership, then you have to make it clear on the deed, for example: this property is owned by X and Y as joint tenants with the right of survivorship. If death occurs, the ownership will automatically pass on to the surviving tenant. For unmarried couples, they can hold a property as tenants in common or as joint tenants with a right of survivorship, but they can't hold a property as tenants by the entirety.
Thinking of buying a property with your partner? Make sure to know all the different kinds of ownerships you can have. If you're moving to Jacksonville, Florida don't forget to call the Jacksonville movers your local Jacksonville moving company to help you move. Jacksonville, Florida is a great place to live with a friendly environment, historic hot spots, amazing restaurants, and all the shopping you can want. Our Jacksonville expert movers will quilt-pad wrap your belongings and then set them up wherever you wish. By calling the Jacksonville movers, you're never going to have to do any heavy lifting, reassembling, or anything else for that matter. Let our 20 years of experience do the work, and you're going to be happy that you chose us as your moving company.