Warranty Deed for Husband and Wife Converting Property from Tenants in Common to Joint Tenancy - Maryland: Fill out & sign online

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Is tenancy in common a good idea?

For those who are purchasing a property with someone who is not related to them, or for investment purposes, titling as tenants in common is a good choice. When buying a dwelling with your spouse as a primary residence, joint tenancy usually makes more sense.

How would you prefer to be vested on title?

If property is to be used as a primary residence, I generally advise that title be vested in the individuals names. This provides the buyers homestead protection from judgment creditors, and also allows the buyers to take advantage of the real property tax benefits associated with the homestead.

Can a joint tenant transfer their interest?

Act of any person interested in operating upon his own share This means that one of the Joint Tenants can alienate or transfer his share to another; it could be to another Joint Tenant or to someone outside of the original co-ownership agreement.

What severs a joint tenancy in Maryland?

Thus, for example, if one joint tenant executes a lease, executes a contract of sale, or takes other kinds of individual action, the tenancy is severed and the property converts to ownership in common.

Which tenancy is best for married couples?

The most recognized form for a married couple is to own their home as Tenants by the Entirety. A tenancy by the entirety is ownership in real estate under the fictional assumption that a husband and wife are considered one person for legal purposes. This method of ownership conveys the property to them as one person.

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