Wording makes big difference on real estate deed

DEAR BOB: Recently you had an item about how husband and wife should hold title to their home and other real estate. It motivated me to go to our safe deposit box to check our home title deed. It says we own our home in the name of "Mark or Victoria Lastname." No method of holding title, such as joint tenancy or tenancy in common, is specified. Do we have a problem? --Victoria W.

DEAR VICTORIA: Yes. As a real estate attorney, I can see many potential problems with the way you hold title to your home. The very troublesome word is "or."

Purchase Bob Bruss reports online.

Also, the deed fails to specify how you hold title, such as tenants in common, joint tenancy with right of survivorship, or another method. Whoever prepared that deed obviously wasn't looking out for your best interests.

While you are in "good standing" with each other and the marriage is going well, today is the ideal time to consult a local real estate or family law attorney to discuss your title choices. Then, you can execute a joint quitclaim deed to hold title with the method you select.

(For more information on Bob Bruss publications, visit his
Real Estate Center).

Copyright 2006 Inman News