How is title held or going to be held?

Asked by Trulia Denver, Denver County, CO Fri Jan 11, 2013

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Robert McGuire’s answer
Robert McGui…, Agent, Denver, CO
Sat Jan 12, 2013
Trulia Denver,

Kind of a nebulous question. The contract language will determine how title is held. Either by Joint Tenants (Both own equally with right of survivorship) or Tenants in Common (Each one owns half and each one's heirs would inherit if one passed away). If it is purchased by an individual it is called Severalty. Does this answer your question?

Robert McGuire ASR
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Your Castle Real Estate
Direct - 303-669-1246
http://about.me/robertmcguire33
0 votes
JOHN A ZAMBR…, Agent, Arvada, CO
Sat Jan 12, 2013
Good morning,

First and foremost let me start off buy saying I am not an attorney nor do I play one on T.V. ...heheh! I can provide you with the definitions of different ways of taking tittle but it is strongly recommended you talk to ant attorney who specializes in real estate law . I would be happy to provide you a contact if you deem this necessary. that being said here you go .
In reference to colorado , the most common way for an individual to receive tittle is in severalty, which means sole owner of the property.
However if you are married or have a partner you may choose joint tenancy. which means you are have joint ownership with or more people and if one of you where to pass the others would maintain complete ownership of the real property ( rights of survivorship ) this is the most common for married couples.
Then there is tenants in common, this is more common in commercial applications or when there is 2 or more owners each owner holds a undivided fraction of an interest in the property and has rights to the whole physical property ( think war of the roses ) and its the exact opposite .
0 votes
Marina Bay, Agent, Greenwood Village, CO
Fri Jan 11, 2013
Here are most common ways to hold title to a property:

Severalty – one person on title.

Joint Tenants with Right of Survivorship - each person owns an equal share and if one party dies, title transfers to the survivor, regardless of what a will may specify.

Tenants in Common - if one party dies, unless the surviving party is named in the will, the decedent's interest passes to heirs. Tenants in common share one unity - the right of possession. All tenants in common have the right to occupy the property, and neither party can exclude the other.
0 votes
Miekeba Jones, Agent, Silver Spring, MD
Fri Jan 11, 2013
Hi Trulia Denver, Contact a title company or attorney.
0 votes
Bob Gordon, Agent, Boulder, CO
Fri Jan 11, 2013
Title will be held in the names taken from the Colorado Contract to Buy and Sell Real Estate
0 votes
Sean Dougher…, Agent, Fort Collins, CO
Fri Jan 11, 2013
On what? You need to give some more information in order to get valid answers!
0 votes
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