Posted on: 08th Apr, 2010 10:51 am
My father is buying 5 acres that my husband and I will eventually build a house on. He wants my name on the deed with him and wants to know if we should have a joint survivorship deed. Does it only apply to spouses? What would be the benefit of this document?
Thanks..
Thanks..
Hi Psm,
"He wants my name on the deed with him and wants to know if we should have a joint survivorship deed"
It is a good idea to add your name to the property deed as a joint tenant with the right of survivorship. This deed does not only apply to spouses. Thus your father can definitely add your name to the title as a joint tenant with the help of a warranty deed. Once you are listed on the deed as joint tenant with the right of survivorship, you can have the full ownership of the property when the other joint tenant passes away. It means when your father will be deceased, you will have the full ownership rights to the property and the property will not have to go through probate.
"He wants my name on the deed with him and wants to know if we should have a joint survivorship deed"
It is a good idea to add your name to the property deed as a joint tenant with the right of survivorship. This deed does not only apply to spouses. Thus your father can definitely add your name to the title as a joint tenant with the help of a warranty deed. Once you are listed on the deed as joint tenant with the right of survivorship, you can have the full ownership of the property when the other joint tenant passes away. It means when your father will be deceased, you will have the full ownership rights to the property and the property will not have to go through probate.