Mariana Wagner

Colorado Springs Real Estate Definitions: Types of Ownership

When you are looking to buy a home in Colorado Springs, there are different ways to show ownership on title. In Colorado Springs, you can show ownership of your home (or any other real estate) in the following ways:

Ownership in Severalty

This is the type of ownership that occurs when only one person is on title as the owner when they buy a home for sale in Colorado Springs.

Joint Tenancy

Joint tenancy is the most common form of ownership that occurs when 2 or more people own a home. This option offers a “right of survivorship” for each person, meaning that if one person were to die, the full ownership now belongs to the other person. Joint tenancy is often used when a married couple purchases a home together.

Note: Both people do not need to be on the mortgage loan to be on title for the home in a joint tenancy. However, most mortgage lenders mandate that any person on the loan needs to be on title for the home.

Tenancy in Common

Tenancy in Common is used when 2 or more people own a home, but each portion of the ownership is separate from each other. For example, if one person were to die, his portion of ownership would not transfer to the remaining owner, but could transfer to whomever he listed in his will. Or, one owner could sell their portion of ownership. This form of ownership is most common when business partners buy a Colorado Springs property together, like a duplex or other investment property.

“What if I get married and want to add my new husband to the title of my Colorado Springs home?”

This is a very common occurrence. In cases like this, we recommend going to a reputable title company and requesting a Quick Claim Deed, which will give you the opportunity to add a person to the title of your home.

This is also the way to remove a person from the title of your Colorado Springs home, but removing someone from title may require more paperwork. Call your local title company for details.

“Who does the Wagner iTeam use for their Colorado Springs real estate title work needs and to answer title questions?”

We understand that every person has different needs and we cannot recommend one title company over another. However, we CAN tell you who we have had the BEST results with in the past:

First American Title Company: Angela Parlet (719) 592-9933

Empire Title Company: Karen Weller (719) 884-5300

January 12th, 2008 by Mariana Wagner | Leave A Comment

This entry was posted on Saturday, January 12th, 2008 at 9:00 am and is filed under BUYERS, Colorado Springs Homes, Colorado Springs Real Estate, Real Estate FAQ's, Real Estate Glossary. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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