People often buy property with others. For example, newlyweds may buy their first home together, and business partners may purchase a new storefront together. It is important to understand the different ways in which such real estate can be owned and titled.

In Pennsylvania, multiple parties can own real estate in one of three ways: (1) tenants in common, (2) joint tenants with right of survivorship, or (3) tenants by the entireties. While all three of these forms of ownership have similarities, there are also major differences which have significant consequences.

(1) Tenants in Common– When multiple parties own real estate as tenants in common, each party has an equal right to possession and enjoyment of the property.  However, each party owns a separate interest in the property so that each owner has the right to sell or mortgage their interest without the consent of the other owner.  Each party can also provide for their interest in a Will.  If they die without leaving a Will, their heirs inherit their undivided interest.

(2) Joint Tenants with Right of Survivorship– When multiple parties own real estate as join tenants with right of survivorship, each party also has a common and equal right to possession and enjoyment of the property during their lifetime. However, upon the death of an owner, the deceased owner’s interest passes automatically to the surviving owners. No deed or further transfer is required.  The surviving owner automatically owns the entire property.  Therefore, an owner is not able to provide for such property in a Will and is unable to transfer such property without the consent of the other owner.

(3) Tenants by the Entireties– This form of ownership is essentially the same as joint tenants with right of survivorship but can only be held this way by a married couple. When a married couple owns property as tenants by the entirety, upon the death of one spouse, full ownership of the property automatically passes to the surviving spouse.

The way in which your property is owned and titled has significant legal consequences.  Contact the experienced attorneys at Supinka & Supinka PC today to discuss all your real estate needs including buying real estate with joint owners.

Contact us today at 724-349-6768 regarding all your real estate needs.