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Taking Title During Home Purchase

Updated on July 10, 2011

Taking Title

Taking Title, no matter where you are
Taking Title, no matter where you are | Source

Keep All Options Open At Closing

After my first home purchase, and refinancing, I finally was schooled in the area of doing things myself when it comes to home purchasing a home. There are experts in almost any field. You also can pay extra for that “expert” advice. I am no millionaire, but even if I was, I would still purchase my next home on my own like I did the most recent time. Knowledge is power. When you are educated in a certain subject, and someone is speaking to you about that subject, you are able to respond in a effective meaningful matter. You can also tell if someone is lying to you about a subject that you are familiar with, which can come in handy. Think car salesman that try to give you a shady deal on a car that is not good or worth the price but they are pushing the high price on you anyways.

When you purchase a home, at closing, you are going to take title to the property. Most people over look this part of the closing process but it is as important as actually getting the perfect financing for your new home. Taking title to the property you just purchased determines your legal status as the owner of the property. It also determines your legal status and obligations to the property you own. As always this is just my 2 cents about options for taking title to a property. Your situation may require you to take property a specific way and that is exactly what you should do to limit any future legal matters. Talk to a lawyer if you are unsure about your options.

Here are a few options available for taking title to a property:

Some options may not be legal in your area check your local laws to verify.

Tenancy in Common:

This is a method of co-ownership in that both parties do not have survivorship rights and each owns just an interest in the entire title.

Joint Tenancy with Right of Survivorship:

Joint tenancy is a form of co-ownership that gives title to the real property to the last survivor in the agreement. Check with your local laws regarding if you are married and what to a Joint Tenancy with Survivorship. In most states also when you have a Joint Tenancy with Right of Survivorship, you can bypass probate issues and just pass the property onto a friend or relative with this type of agreement.


Title can be taken in the name of a business corporation as long as the corporation is formed and in good standing.

Community Property:

In community property states it is sometimes presumed that all property acquired during and sometimes before marriage because community property owned by both husband and wife. Some states require you to specific state that in the title that both husband and wife own title to the property. If you do not you will run into headaches in case of a divorce or death of your spouse.


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    • JustSimple info profile image

      JustSimple Info 5 years ago from Puget Sound

      Yes, a Joint TWROS is what I call it is very useful. It can keep things out of course and keep things out of probate when someone passes away. Just both should sign it, and get it legally notarized. And then record it at your local county recorders office and keep it in a safe place. And do know the Joint TWROS is not just for a home, it can be for any physical property like an automobile also.

    • tirelesstraveler profile image

      Judy Specht 5 years ago from California

      You are very brave. We just purchased a home using a top notched Real Estate Agent and it was grueling. It was bank owned and the selling agent wasn't interested in doing anything. He never even came and got his lock box or sale sign.

      You are absolutely correct about titles . The title with survivor ship was new to me this time around and I like knowing about it.

    • JustSimple info profile image

      JustSimple Info 6 years ago from Puget Sound

      Yes its the Smith Tower. I had a friend who's uncle passed away but left him a home that they both did a J/Right of Survivorship, and it was easy and painless and was separate from the probate proceedings.

    • profile image

      akycrawler 6 years ago

      Intersting thoughts on titling a home. Knew I recognized the picture...believe that is the Smithsonian building or something like that in Seattle.