Laramie, Wyoming Real Estate: Joint Tenants with Rights of Survivorship

By
Real Estate Agent with CENTURY 21 Real Estate Center, Inc., Laramie, Wyoming

Taking Title in Wyoming as Joint Tenants with Rights of Survivorship

"The Language of Real Estate" by John W. Reilly (2006, by Dearborn Financial Publishing, Inc) was used as the main source for this article.  This book devotes three pages alone to explaining this concept.  It is not simple.  I provide only the basic elements below. If you have any questions about entering into a Joint Tenancy with Rights of Survivorship or if you may be buying someone else's share in a Joint Tenancy with Rights of Survivorship, consult an attorney.  I am NOT an attorney.

Joint Tenancy with Rights of Survivorship (JTWROS) is created when two or more parties take ownership of real estate, all owning equal shares.  Title is held as though all owners collectively constitute one person.  The death of one Joint Tenant does not destroy the owning unit - it only reduces by one the number of persons who jointly own the unit.  The remaining joint tenant(s) receive the deceased tenant's interest by the right of survivorship.  Thus the interest of the decedent (dead person) cannot be transferred by will or descent.  The last survivor of a JTWROS will take title as Sole Owner, after which time the estate can then be fully inheritable to whomever the new sole owner wishes.

Taking title by Joint Tenancy can only be done on
standing frogpurpose by the parties joining in the Joint Tenancy.  That means it can't be implied from a certain set of circumstances or created by default.  Four unities are required:

  • Unity of Title (acquired by one deed)
  • Unity of Time (executed and delivered at one time)
  • Unity of Interest (equal interest to all the grantees)
  • Unity of Possession (undivided, "as a whole")         

Even though a person in a Joint Tenancy with Rights of Survivorship cannot will or otherwise designate ownership of their interest in the event of their death, they can sell their share of the Joint Tenancy while they are alive.  The new owner(s), however, will not be part of the original JTWROS but will probably hold interest as a Tenant in Common, giving them different ownership interests that will apply to their share. 

Joint Tenancy can be straightforward or it can be very complex.  Only an attorney can advise whether or not Joint Tenancy with Rights of Survivorship might work for you.

*This information is intended only to provide further clarification of real estate issues in Laramie, Wyoming. I am not an attorney.  This article is not endorsed, approved or affiliated with Century 21 Real Estate Center, Inc.  Any consumer with questions about the real estate process should always consult an attorney of their own.

Posted by

Laramie panoramic

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
Wyoming Albany County Laramie
Groups:
Advice for Buyers
Never Answer The Same Question Twice
Posts to Localism
Valentine Bloggers
Tags:
laramie
wyoming
real estate
taking title
joint tenancy with rights of survivorship

Anonymous
Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
65,644
Brenda & Ron Cunningham
West USA Realty - Phoenix, AZ
Realtors, Homes for Sale - Phoenix Metro

Good explanation!

Feb 22, 2011 02:35 PM #1
Rainmaker
180,627
Brenda Whitman
CENTURY 21 Real Estate Center, Inc., Laramie, Wyoming - Laramie, WY
Associate Broker, Laramie, Wyoming

Thanks, Brenda and Ron - By the way MY husbands name is Ron, too! 

Feb 22, 2011 02:51 PM #2
Rainmaker
264,107
Liz Lockhart
Riverbend Realty, Cape Girardeau, MO - Cape Girardeau, MO
GRI, Cape Girardeau Real Estate

Wow, Brenda! You are tackling the nitty gritty of ownership and doing it very well! I love the series. I wish I could SUGGEST a series. SUGGESTED this one, because it is such a tough topic.

Feb 22, 2011 07:27 PM #3
Ambassador
505,094
Pat Haddad
Keller Williams Indianapolis Metro NE - Carmel, IN
Carmel IN Real Estate Expert

Hi Brenda--As the others have said, you have done a great job of explaining a complicated concept.  I HATED questions on this when I got my real estate license.  I have to really admire you for choosing such a tough topic willingly!!  (And then there is Pat posting pics of her granddaughter....)

Feb 22, 2011 08:56 PM #4
Rainmaker
256,068
Tim Bradley
Contour Investment Properties - Jackson Hole, WY
Commercial Real Estate Expert in Jackson Hole, WY

I'm with Pat. Think I'll stick to posting pictures of my daughter. :)

Complicated stuff. Even so, I'll bet 90% of buyers still don't consult an attorney before taking title, but just take the suggestion of the agent or title company...

Feb 22, 2011 09:13 PM #5
Rainmaker
180,627
Brenda Whitman
CENTURY 21 Real Estate Center, Inc., Laramie, Wyoming - Laramie, WY
Associate Broker, Laramie, Wyoming

Liz, Pat, and Tim - You know, if I hadn't jumped in feet first, I might just have changed my mind!  Oh, well.... brace yourselves for something mind-numbingly simple next!

Feb 22, 2011 09:21 PM #6
Rainmaker
187,970
Christina ONeal
At Home Real Estate Group - Ripon, CA
Realtor - Ripon California

Brenda... Great Explanation :)  love it & cute little frog

Feb 24, 2011 09:13 AM #7
Rainmaker
180,627
Brenda Whitman
CENTURY 21 Real Estate Center, Inc., Laramie, Wyoming - Laramie, WY
Associate Broker, Laramie, Wyoming

Hi Christina-  Thanks!  Obviously I like the little frogs, too! 

Feb 24, 2011 11:11 AM #8
Rainmaker
264,107
Liz Lockhart
Riverbend Realty, Cape Girardeau, MO - Cape Girardeau, MO
GRI, Cape Girardeau Real Estate

OK, Brenda, I'm waiting for THAT post now (#6). I'll keep checking back! ;-)

Feb 26, 2011 12:24 AM #9
Rainmaker
180,627
Brenda Whitman
CENTURY 21 Real Estate Center, Inc., Laramie, Wyoming - Laramie, WY
Associate Broker, Laramie, Wyoming

It's out there now!  I took a picture of a tower of ice ... maybe not mind numbing but surely simply interesting!

Feb 26, 2011 02:43 PM #10
Anonymous
Post a Comment
Spam prevention
Show All Comments
Rainmaker
180,627

Brenda Whitman

Associate Broker, Laramie, Wyoming
Ask me a question
*
*
*
Spam prevention