First Home Buying

At some point before your closing date, you should choose a title company to handle the proceedings. A title company is a legal firm that deals specifically with the transfer of title, or ownership, from one party to another. This is something your agent can usually help you with; unless you work in a field where you use title companies frequently, chances are you may not have a particular firm in mind.

Ownership

Before the date of closing, the title company should ask you what type of ownership you wish to take of the property, and may provide you with a list of those most common in your state or jurisdiction. Some of the more common types are listed below.

Sole Ownership

If you are purchasing real estate by yourself and the deed or trust will be in your name alone, you will be taking sole ownership of the property.

Joint Tenancy

The most common type of tenancy agreement between two or more individuals with equal interest in the property. Each individual shares the same rights of use and possession, and if any individual becomes deceased that person’s ownership passes in equal amounts to the remaining owners.

Tenancy in the Entirety

A specific kind of joint tenancy reserved for husbands and wives, where each spouse owns exactly half of the property. Neither spouse may sell or otherwise transfer his or her part of ownership without the other’s permission.

Tenancy in Common

Similar to joint tenancy, where multiple individuals own a piece of property, except that the ownership is not in equal measure; certain people may own a greater share of the real estate than others included in the tenancy.

Community Property

An additional kind of ownership between married people; the difference between community property ownership and tenancy in the entirety is that each spouse has the right to do with his or her half what he or she pleases without the consent of the other.