Benefit of Joint Tenancy
2008/04/09 Originally published in the Vernon Morning Star.
I have been asked by one of my readers to write on today's subject. She wanted me to advise people to take a close look at their property titles. Neither she nor her husband ever did that. Or at least if they had, they did not understand it. Her husband had taken care that all their other assets would automatically pass to his wife without having to go through the probate process. When her husband passed away he no doubt thought he'd left his affairs in perfect order. But, this was not the case. Due to a legal error or miscommunication of some sort at the time of their purchase, their home was registered as Tenants in Common rather than Joint Tenancy.
So, what does this mean? It means that she has to endure the probate process.
Most couples register their property in Joint Tenancy for good reason. The most important aspect of a Joint Tenancy is the right of survivorship. This means that at the time of death the surviving owner automatically owns the deceased persons interest in the property. In our province it is only necessary to file a death certificate and the appropriate Land Registry office will register the survivor as the registered owner of the land.
The Land Registry Act provides that when a deed conveys land to two or more persons they shall be deemed to be taken as Tenants in Common and not as Joint Tenants unless it is stated as otherwise on the face of the instrument presented for filing. The instrument is normally prepared by the Buyer's lawyer or notary.
How do you check your title? You should find a State of Title Certificate in the paperwork that you received from your lawyer or notary just after you bought your property. If you don't see the correct registered owner's name and the words Joint Tenants following the names, then you do not have a Joint Tenancy ownership. If your papers cannot be found your lawyer, notary or realtor can get a State of Title Certificate for you at very little cost. Please do take a moment and check out this important detail. Getting it corrected now could save you headaches later.
Jane Field works with Re/Max Vernon. Jane has 32 years experience in the Real Estate business. To suggest topics for future articles or to ask her questions, email her at jane@janefield.com or call 503-3755. Previous articles published in the Morning Star appear on Jane's website - www.janefield.com
Jane Field works with RE/MAX Vernon. Jane has over 30 years experience in the Real Estate business. To suggest topics for future articles or to ask Jane questions, email her or call 503-3755.
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Logo's are copyright and trademark of their respective companies2008/04/09 Originally published in the Vernon Morning Star.