Phone: 218.365.3221
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Canoe Country Title FAQ's: Seller
Canoe Country Title FAQ's: Seller
Today is : Thursday, 11 March 2010
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Does it matter how I title my property? Typically, ownership of real estate includes the right to sell (convey), the right to use the property as security for loans (encumber), the right to improve the land or buildings on the land, and the right to use and possess the property. Property can be owned by one or more persons. The two common ways in which two or more parties can co-own a piece of property are joint tenancy and tenancy in common. Canoe Country Title provides closing services and title insurance throughout Minnesota, however, our primary service area includes northern Minnesota and the communities of Virginia, Hibbing, Ely, Grand Rapids, Bemidji, Cloquet, International Falls, and Duluth.
Joint Tenancy
Although usually thought of as a way for a husband and wife to own property, there is no requirement that joint tenants must be married to one another or that there can only be two joint tenants. Owners in joint tenancy have a right to sell, encumber, and possess the entire property. Regardless of the number of joint tenants, when one joint tenant dies, the remaining joint tenants automatically take the deceased joint tenant's share of the property by right of survivorship. In such cases, the surviving joint tenants are required to file a death certificate and an affidavit with the county recorder. Joint tenancy allows the surviving joint tenant to avoid probate, transfer and death taxes.
Tenants in Common
Tenants in common, like joint tenants, share the right to possess, sell, and encumber the property. Unlike joint tenants, tenants in common do not have a right of survivorship. Upon the death of one tenant in common, his or her ownership interest passes to his or her heirs as part of the estate.
Advantages and Disadvantages of Co-Ownership
Although there are advantages to co-owning property, there are drawbacks as well. If co-owners cannot agree on use, sale, or possession of a piece of property, they may have to go to court to resolve the matter in a partition action. In a partition action a joint tenant or tenant in common asks the court to split the property in a fair and just manner. Real property may be difficult to divide and partial interests may be difficult to sell, so a court will usually order that the property be sold and proceeds from the sale distributed to the co-owners in proportion to their interests.
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Where would you like to close?
Our Customers always come first. We schedule closings at a time and location that is convenient for you. You can close at your new home or in one of our convenient offices.
Two North Woods Offices to serve you.
1 E. Chapman Street
Ely, MN 55731
(218) 365-3221
301 N. Broadway Street
Gilbert, MN 55741
(218) 741-2077