There are three major types of concurrent ownership in Maryland that can be written into a deed:
Tenants in Common each own a share of the property as an individual with no right of survivorship. Therefore, if one co-tenant dies, his interest passes to his own heirs, not the other co-tenants. In this type of tenancy, two or more co-tenants can hold title in unequal shares. In Maryland, title is presumed to be held as tenants in common unless the owners are married or it is otherwise specified that the parties will hold the property as Joint Tenants with Rights of Survivorship.
Tenants by the Entireties is available only to married couples. In Maryland, it is presumed that property held by husband and wife is held as tenants by the entireties, even if it is not specified. Tenants by Entireties each wholly own the property with a right of survivorship, and their interest cannot be severed. This means that Tenants by the Entireties cannot individually convey or partition their individual interests. Property held by Tenants by the Entireties is also generally immune from creditors of only one spouse. A Tenancy by the Entirety is destroyed and converted to tenants in common upon the parties’ divorce.
Joint Tenancy is the final type of co-tenancy and includes rights of survivorship for non-married individuals. However, in Maryland, there is a presumption against Joint Tenancy. Therefore, the intention to create a joint tenancy must be explicit in the deed. The deed should specifically state “as joint tenants with rights of survivorship”. In addition, to create a valid Joint Tenancy in Maryland, unity of time, title, interest, and possession should all be present.
For a free, confidential conversation to discuss property transfer and other real estate law matters, including deed preparation legal services, contact Maryland real estate attorney Stephen J. Reichert at 410-299-4959, email@example.com or by clicking here.
Day, evening and weekend appointments are available in office or at your residence. Mr. Reichert personally serves business law clients throughout the entire state of Maryland.
Stephen looks forward to assisting you with your Maryland business law needs.
#marylandattorney #marylandlawyer #marylanddeed #Marylandjointtenancy #mdlawyer #mdattorney #stephenjreichert #reichertlegal #jointtenants #deedpreparation #tenantsbytheentirety #MDtenantsbytheentirety #propertytransfer #MDrealestatelaw #MDdeed