Q: I have a quit claim deed from my grandmother drafted 40 years ago, the grantees where her 3 children,the deed has a ---
Designation which states "not in tenancy in common but in joint tenancy" what does this Designation mean? Let's see who is the smartest attorney out there?
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A: Generally that means the survivor of the three grantees take the fee simple absolute. The two predeceasing grantees estates are extinguished and their heirs/devisees take nothing. Before you act on this explanation, you should hire a competent attorney to perform a title search.
A: Joint tenancy is a form of shared property ownership where each owner has an undivided interest in the property. This type of ownership creates a right of survivorship, which means that when one owner dies, the other owners absorb the deceased owner’s interest. When creating a joint tenancy, we generally will convey the property to A and B, not as tenants in common, but as joint tenants. The joint tenants, if still alive, are able to convey the real estate to a third party and split the proceeds in accordance with their interests.
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