How to hold Title

As part of the closing, the Law Firm of Holly H. Hazard will prepare a Deed that will establish both WHO will own the Property and HOW the person or persons will own it.
The Law Firm of Holly H. Hazard 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 know 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.