Masters Title & Escrow
DC, MD, VA, PA & FL real estate settlements
Sometimes it becomes necessary to change the way a property is titled. Marriages, divorces, deaths, transfers to entities, trusts, children and more are all potential reasons to make title changes.
Complete the form below to request Masters Title & Escrow to make changes to the current titled ownership of your real estate.
Once you complete this request we will begin work. We will likely reach out to you to confirm the information provided prior to arranging for execution of the new deed.
The below examples are provided for information purposes only and are not to be considered or substituted for legal advice.
SOLE OWNER: An undivided interest by one person with no other party having a right or interest in or to the Property.
TENANTS BY THE ENTIRETY: An undivided interest by a married couple, with the right to the entire property passing to the surviving spouse upon the death of one (1) spouse.
JOINT TENANTS: An equal ownership interest by all parties named on the deed with rights of ownership vesting in the survivor of all owners.
Example: Andy, Beth and Charles own Blackacre one-third (1/3) each. If Beth dies, Andy and Charles will each own one-half (1/2) of Blackacre.
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. Tenants in Common does not provide for survivorship rights. Thus, a will is recommended to identify the recipient of the ownership interest upon the death of one of the owners.
Example 1: Andy, Beth and Charles own Blackacre. Beth owns seventy percent (70%), Andy owns twenty percent (20%), and Charles owns ten percent (10%). Charles dies. Charles had a will which states that his interest should pass to his mother, Charlene. Charlene now owns a ten percent (10%) interest in Blackacre. If Charles dies without a will, his ten percent (10%) interest shall pass in accordance with the laws of the jurisdiction in which the property is located.Example 2: Andy and Beth are married but own Blackacre with Charles. Andy and Beth own a sixty percent (60%) interest in Blackacre, which they hold as Tenants by the Entirety. Charles owns a forty percent (40%) interest in Blackacre. As between Charles and the unit made up of Andy and Beth, the parties own Blackacre as Tenants in Common, forty percent (40%) to Charles and sixty percent (60%) to Andy and Beth jointly.
As you can see in the last example above, it is possible to hold title in a combination of tenancies.
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