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I've heard from multiple lawyers that this is the best way to buy property if a parent is co-purchasing with a child. If the parent dies, then the property automatically is inherited by the surviving party. This form of ownership is actually the quite common for married couples, if one spouse dies the property automatically transfers to the surviving spouse.
However, if it's just a domestic partner, or for anyone else who isn't married for that matter, the default status is tenants in common.
Just curious if anyone has experience with this. How do you specify at closing that you want to buy as joint tenants with rights of survivorship, if you aren't married and it's a parent buying for child scenario?
However, if it's just a domestic partner, or for anyone else who isn't married for that matter, the default status is tenants in common.
Just curious if anyone has experience with this. How do you specify at closing that you want to buy as joint tenants with rights of survivorship, if you aren't married and it's a parent buying for child scenario?