Gold Coast, Roscoe Village and Edgewater Illinois real estate listings, home buying, selling and relocation information

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Titles >Ways to Hold Title

When two or more people purchase property together, there are three ways that the title can be held. Knowing the implications of each form of ownership will help you decide how to write your deed.

"Tenancy by the entireties" is reserved exclusively for married people. Both husband and wife own an undivided interest in the property. On the death of one party, the surviving spouse owns the entire property and no probate will be necessary. When unmarried persons buy a home together, they should seek legal advice regarding how title should be held. As "tenants in common" each party owns a percentage interest in the property. On the death of one party his or her interest does not go to the surviving owner but is distributed in accordance with the will of the deceased, whose estate must be probated. As "joint tenants" each party owns an undivided, equal interest that passes automatically to the surviving joint tenant. Probate is not necessary if the deed reads "joint tenants with rights of survivorship".

It is important to know that in most courts, if a deed is written without specification of how title is held, the property is titled as "tenants in common."

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Q	What are three of the best indicators of real estate market trends?
A	Existing home sales, new home building and mortgage interest rates.
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The Mike Frank Team, REALTORŽ, real estate agents and broker for Gold Coast, Roscoe Village and Edgewater Illinois home listings, property and land for sale - NUMBER1EXPERT(tm)

The Mike Frank Team
Keller Williams Lincoln Park
2106 N. Clark St.
Chicago, IL 60614
Cell: 773-251-8963
Direct: 773-770-7300
Fax: 206 888-2876
Email: mikefrank@kw.com
Mike is a knowledgeable, experienced realtor and consistent top producer who puts the needs of his clients first. During his 10 years of professional experience in the consulting industry prior to obtaining his real estate license, Mike learned how to listen to his clients, quickly identify their main objectives, problems and priorities and deliver solutions that exceeded their expectations. He has been using the same approach successfully with his real estate clients for more than six years. Mike utilizes his extensive market knowledge, cutting edge technology, and proven negotiating skills to assist sellers and buyers in obtaining the best possible price and making their transactions smooth and worry free. Mike specializes in helping his clients buy and sell luxury condos, single-family homes, and residential investment properties in Chicago in the River North, Gold Coast, Roscoe Village, Edgewater, Lincoln Park, Lakeview, Lincoln Square, Ravenswood, Bucktown and Uptown areas. Call Mike now for more information and expect a quick response!

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