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Buying or Selling a Home/joint survivorship deed
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Question
i am interested in buying a home that was purchased in 2004 by a husband/wife..they have since divorced. the deed is in the wife's maiden name and has joint survivorship on it...what does this mean
Sharon,
Joint survivorship on a deed means that title to the property is in two or more persons’ names, both or all with equal ownership. If one dies, that percentage of ownership is automatically passed to the other(s), without the requirement of having to go through Probate.
Since there was a divorce involved, you should make sure there is no divorce decree that instructs otherwise. A title company or attorney can help you with this if you decide to purchase.
Regards,
Elizabeth
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liznarr
Expertise
I can answer questions relating to the purchase and/or sale of residential homes and land, including what a really good agent should be expected to do and/or not do; where to turn when problems occur; and questions regarding disclosure. I`m a Licensed Realtor in the Southeast since 1984 with designations of Broker, GRI, CRS, and CBR (Certified Buyer Representative). Current active and Life Member of Million Dollar Club, Certified by State Real Estate Commission to teach Pre-Licensing and Continuing Education courses, specializing in Agency. Currently serving on Grievance and Professional Standards Committees, and Education Committee in past.
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