Grathwol Law Office | Real Estate

Title to land is like a bundle of sticks... This is how I start many a meeting about real estate. Almost everyone has to work with real estate at some point in their lives. It could be the purchase or sale of the homestead, the addition of a child onto the title of the cabin, or as simple as transferring title of the homestead to the surviving spouse after the death of a spouse.

Many people hold title to the real estate as “Joint Tenants.” This means that if one person passes away, then the remaining joint tenant will own the property in its entirety. He or she needs only to file a simple document at the county to have the title pass immediately. If the deed that you received when you bought the real estate does not say “as joint tenants” then you are not joint tenants. Instead, you took title to the real estate as “tenants in common.”

Tenants in Common own the real estate together, but when one passes away the ownership of that person’s interest in the real estate will be determined by that persons Will or the laws of intestacy. It does not automatically go to the other owner of the real estate.

“Life Estate with a Remainder Interest.” It is becoming more and more popular to add a child’s name to the homestead to ensure the property will pass to that child at your death, without the need for a Probate. This is called a Life Estate/Remainder interest. You own the real estate for your life, and upon your death, your child will own the real estate. This can be a useful way to pass the homestead onto your child or children at your death.

We at the Grathwol Law Office can help with many of these deeds and other simple residential real estate transactions.

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