Ways to Take Title In Minnesota there are tyically two ways to hold title to real estate. We've shown some of the differences between joint tenancy and tenancy in common.
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Joint Tenancy |
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Tenancy in Common |
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1. The parties do not need to be married. There may be more than two joint tenants |
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1. The parties do not need to be married. There may be more than two tenants in common |
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2. Each joint tenant holds an equal and undivided interest in the property |
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2. Each tenant in common holds an undivided fractional interest in the property |
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3. Requires signatures of all joint tenants to sell the property or to execute a mortgage |
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3. Requires signatures of all tenants to sell the property or to execute a mortgage |
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4. Upon death the property passes to surviving joint tenant |
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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. |