Information Every Purchaser Should Know

      Taking Title

The most common practice among married couples is to purchase the property as joint tenants. As joint tenants, if one of the two persons in whose name the property is registered dies, title to the property automatically passes to the survivor. Title could be put in the name of one spouse only. This may protect the property against possible debts of the other spouse.

Both spouses could purchase the property as tenants in common which would mean that, upon the death of either spouse his or her one-half share of the property does not necessarily pass to the surviving spouse but passes as directed in the deceased's will or, if there is no will, to the heirs of the deceased. Consequently, when taking title as tenants in common, it would be wise for each spouse to make a will. In any event, you would be well advised to make a will if you do not already have one.

---

Return to: Information Every Purchaser Should Know

Elaine has answers to your questions and more professional tips to make your real estate transaction more pleasurable. Call or e-mail Elaine or click on "Ask Your Own Questions." Elaine can send you information on any Property Listed For Sale on the Multiple Listing Service in the Ottawa area. If you would like her to help you locate a home, please fill out her Information Request Form. Surfing the Real Estate Board's web site or MLS.CA and found a house that you like but doesn't give you the civic address. Elaine can also help. Just fill out her Would like an address form, please ! Or perhaps you are considering selling your home in the near future, she can also offer you a Complimentary No- Obligation Market Evaluation Form

Site Index: Home Page Properties For Sale   l   Info for Buyer's & Seller's   l   Our Newsletter   l   Your Winning Team Our Real Estate Market   l   Get in touch   l   Elaine's BIO   l   Links   l   Site Map Email Elaine

Copyright 2008-09 www.ElaineSmallwood.com. All Rights Reserved.
All information deemed to be accurate but not warranted.
Performance Realty is independently owned and operated, Brokerage

This web site is designed & maintained by: John Smillie / Lasting Impressions