Real Estate Property Ownership in Colorado
When you buy real estate in Colorado, it's important to understand the different ways you can hold title
1. What is joint tenancy in Colorado?
It's property ownership in the name of two or more people. When one person dies, the survivor becomes the sole owner as the property automatically passes to the survivor. Joint tenancy is commonly used by married persons or family members to provide a right of survivorship.
2. What is Sole Ownership or Severalty in Colorado?
It is property ownership solely in one name, and this person owns all rights to the property. Property can be transferred upon death by will or a trust.
3. What is Tenancy in Common in Colorado?
It is property ownership with another person. A Tenant in Common may sell to another person, or their interest can be transferred by a will or a trust. A tenant in common has no right of survivorship. Each co-tenant is entitled to possession of the property in accordance with their relative interest. For example, two people holding in co-tenancy could have interests of 75%, and 25%. Co-tenants do not have a right of survivorship among themselves.
If you need more information on this, consult with Legal Counsel
Posted by Kathy Torline - Nordstrom
KAT, A Colorado Springs Realtor You Can Trust in El Paso & Douglas County; including Colorado Springs, Monument, Fountain, Larkspur, Pueblo, Castle Rock, Woodland Park, Palmer Lake www.Kathytorline.com