Ways To Take Title
In Minnesota there are typically two ways to hold title to real estate. We've shown some of the differences between joint tenancy and tenancy in common.
Joint Tenancy
1. The parties do not need to be married. There may be more than two joint tenants
2. Each joint tenant holds an equal and undivided interest in the property
3. Requires signatures of alljoint tenants to sell the propertyor to execute a mortgage
4. Upon death the property passes to surviving joint tenant
VS.
Tenancy in Common
1. The parties do not need to be married. There may be more than two tenants in common
2. Each tenant in common holds an undivided fractional interest in the property
3. Requires signatures of all tenants to sell the property or to execute a mortgage
4. Upon death the tenant's share passes to his or her heirs by will or intestacy
We are unable to advise parties as to how to take title. You should consult an attorney for legal advice.