HOW TO HOLD TITLE

As part of the closing, an Attorney will prepare a Deed that will establish both WHO will own the Property and HOW the person or persons will own it.

We will ask you to complete a Form confirming your ownership interest.

Below is an overview of the ways Title can be held in Virginia.

1. Sole Owner: An undivided interest by one person with no other party having a right or interest in or to the Property.
2. Tenants by the Entirety: An undivided interest by both husband and wife, with the right to the entire property passing to the surviving spouse upon death of one spouse.
3. Joint Tenants: An equal ownership interest by all parties named on the deed with rights of ownership vesting in the survivor of all owners.

   Example: Amy, Bob and Cathy own Green Acres one-third (1/3) each. If Bob dies, Amy and Cathy will each own one-half (1/2) of Green Acres.

4. Tenants in Common: An individual ownership interest in a portion of the Property (either equal or unequal) with another party and sharing a common interested and right to use the whole. Tenants in Common does not provide for survivorship rights. Thus, a will is recommended to identify the recipient of the ownership interest upon the death of one of the owners.

   Example: Amy, Bob and Cathy own Green Acres. Bob owns seventy percent (70%), Amy owns twenty percent (20%) and Cathy owns ten percent (10%). Cathy dies. Cathy has a written will which states that her interest should pass to her daughter, Donna. Donna now owns a ten percent (10%) interest in Green Acres. If Cathy dies without a will, her ten percent (10%) interest will pass in accordance with the laws of the jurisdiction where the property is located.