Because real property is among the most valuable of assets, the question of how you take ownership of your property is of great importance. The form of ownership taken – the vesting of title – provides guidelines for how a property should be passed, should one or all of the property owners become deceased.
Joint Tenancy (with the right of survivorship)
Joint tenants are two or more property owners who have equal and identical shares and ownership rights to a parcel of real property. Joint tenants can be created by married and non-married couples, friends, relatives, and business associates. If one owner dies the property will be passed to the remaining owner(s). You cannot give the property to anyone else in your will. Joint tenancy can be terminated by one tenant acting alone.
Tenants in Common
Each owner owns a specific share of the property. Tenants in common can freely and independently each sell their own individual share in a property or leave it in a will, to any person they choose.
Utah is an equitable property state that doesn’t have community property laws. Each spouse receives a reasonable and fair portion of the property.
This article is part of the Home Buyer Guide.