![]() There is more than one type of deed in Michigan, with each having a different kind of guarantee it provides to the parties involved in the property transfer. ![]() The deed must contain all the required elements, including the name of the parties involved, the description of the property, and other important information. For instance, if you decide to sell your home to another person, a deed is necessary for the sale to be considered legal. If you have any questions about the material on this website, please contact us for more information.In real estate, a deed is an instrument used to convey the title of a property, either by selling, gifting, or other means of transfer. J&A Abstract thanks you for your interest and welcomes the opportunity to serve your real estate needs. ![]() Special Warranty Deed for other counties in PA Special Warranty Deed for Philadelphia county, PA General Warranty Deed for other counties in PA General Warranty Deed for Philadelphia county, PA Quit Claim Deed for Philadelphia county, PA As between David and the unit made up of Andy and Beth, the parties own Green Acre as Tenants in Common, for percent (40%) to David, sixty percent (60%) to Andy and Beth jointly. David owns a forty percent (40%) interest in Green Acre. Andy and Beth own a sixty percent (60%) interest in Green Acre, which they hold as Tenants by the Entirety. Example 2: Andy and Beth are married but own Green Acre with David.If David dies without a will, his ten percent (10%) interest shall pass according to the laws of the Commonwealth of Pennsylvania and State of New Jersey. Charlene now owns a ten percent (10%) interest in Green Acre. David dies.David had a will which states that his interest should pass to his mother, Charlene. Beth owns seventy percent (70%), Andy owns twenty percent (20%), and David owns ten (10%). Example 1: Andy, Beth and David own Green Acre.Thus, a will is recommended to identify the recipient of the ownership interest upon the death of one of the owners. Tenants in Common does not provide for survivor-ship rights. TENANTS IN COMMON: An individual ownership interest in a portion of the Property (either equal or unequal) with another party and sharing a common interest and right to use as to the whole.If Beth dies, Andy and David will each own one-half (1/2) of Green Acre. JOINT TENANTS: An equal ownership interest by all parties named on the deed with rights of ownership vesting in the survivor of all owners.Įxample: Andy, Beth and David own Green Acre one-third each (1/3rd each).TENANTS BY THE ENTIRETY: An undivided ownership by both husband and wife, with the right to the entire property passing to the surviving spouse upon the death of one (1) spouse.SOLE OWNER: An undivided ownership interest by one person with no other party having a right or interest in or to the Property.Ways to hold title – there are four ways to hold title: This deed offers little to no protection and is similar to Quitclaim Deed. Special Warranty Deed – is a transfer commonly used when the bank owned property is being transferred. This is the deed that provides the highest level of protection to the buyer. Covenant of further assurances – promises to deliver any document to make a good title.Covenant of quiet enjoyment – guarantees the grantee with quiet possession of the property. ![]()
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