If you’ve read Parts I and II of, “Which One Do I Choose,” you may have decided whether a quitclaim or warranty deed is best for you. Now it’s time to decide which deed to use based on ownership of the property.
How will the property be owned?
The person(s) buying or receiving title to the property is called the grantee. To select a Colorado deed, you need to know how the grantee(s) will own the property after it is bought or acquired. Different forms are used depending on whether the grantee will be an individual, tenant in common, or joint tenant.
What are the different ways to own real property? And why does the deed matter when you die?
In Colorado, a person can own property in one of three ways:
• Individual. One person owns the property. As the sole owner, you can list your property in your will. If there is no will, your property will be distributed according to the probate laws of Colorado when you die.
• Joint tenants (with right of survivorship). This type of ownership can exist between two or more people. This is most common between a husband and wife, but could be multiple owners, like three sisters, or perhaps five friends who own a cabin together. If one owner dies, the other owners listed on the deed automatically inherit the share of the person who died. Continue reading “So Many Deeds. Which One Do I Choose? (Part III)” »