Joint tenancy is a type of owning property that is most often linked with real estate. A deed is formed when two or more parties come together at the same moment to make a legally binding agreement. These individuals could be family members, friends, or even business associates. Consider the case of an unmarried couple who buys a home. They choose dual tenancy at the time of purchase. The two owners will be listed as joint tenants on the property deed. Because each partner has a claim to the property, the benefits are also shared. If they choose to rent the house to another person or sell it, each partner is entitled to a 50 percent profit split.
10+ Joint Tenancy Grant Deed Samples
A joint tenancy grant deed includes the right of survivorship of the deed holder and is owned by multiple parties. A joint tenancy deed assures that if one of the tenants dies, the surviving tenant inherits the deceased tenant’s portion of the property’s possession. It keeps the property out of an often costly probate process once the tenant passes away. The joint tenancy document even takes precedence over the deceased’s will.
1. Joint Tenancy Grant Deed
2. Sample Joint Tenancy Grant Deed
3. Simple Joint Tenancy Grant Deed
4. Joint Tenancy Grant Deed Example
5. Joint Tenancy Grant Claim Deed
6. Joint Tenancy Grant Warranty Deed
7. Basic Joint Tenancy Grant Deed
8. Professional Joint Tenancy Grant Deed
9. Formal Joint Tenancy Grant Deed
10. Joint Tenancy Grant Deed Format
11. Printable Joint Tenancy Grant Deed
How to Fill Out a Joint Tenancy Grant Deed
Acquire an empty grant of joint tenancy deed. Blank deed forms are available for purchase at office supply stores and bookshops, or you can download and print the grant form from the Information area.
Complete the application entirely in ink.
Determine the property’s documentary and real estate taxes. The overall tax amount is determined by the property’s location. Multiply the required documentary transfer tax rate and the city tax rate by the valuation, then enter the figures in the areas on the joint tenancy grant deed proclaiming the transfer tax and city taxation rates. Fill in the check boxes to specify the amount used in the computation and the property’s placement.
Under the Grant part of the form, provide the actual names of the contracting parties.
In the part asking for the mentioned real property, specify the estate that the deed covers. Use the statutory description of the property found on the property’s survey form. The survey form can be found in the property’s county clerk’s office.
Fill in the location of the property’s county.
In the presence of a state official, stamp and date the form. Make certain that both tenants are around for the agreement and that both tenants sign the document. For this operation, the notary will charge a fixed fee.
Take the form to the local recorder’s administration in the county where the site is situated or mail it to them. To have the deed documented and the joint tenancy transfer executed, pay the recording cost.
What is the advantage of a joint tenancy?
It eliminates the hassles of clearing the property through an estate via a will as long as one joint tenant survives. When a person dies, their will usually goes through probate, which is a legal process in which the courts review and validate the will. When a person dies, their assets are typically unavailable to the survivor until probate is completed. If a person dies not identify beneficiaries or does not have a will, the probate process can help establish how their assets are dispersed. However, the procedure can take months to complete. A joint tenancy bypasses probate and the lengthy legal process, allowing the joint tenant to take direct possession of the assets.
What is the disadvantage of a joint tenancy?
The handling of the asset after the death of one or more joint tenants might be a drawback of joint tenancy. Because dual tenancy vests all rights in the survivor, even if the deceased intended to leave the property’s value to designated heirs, the survivor is under no legal responsibility to do so.
If you want to see more samples and formats, check out some joint tenancy grant deed samples and templates provided in the article for your reference.
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