In Colorado
Fee Simple / In Severalty: This is how most individuals take title and is easiest to understand. When taking a Fee Simple Title, you are the sole owner of the property and can decide unilaterally to sell or to will the property to whomever you choose.
Joint Tenants: Also known as Joint Tenants with The Right of Survivorship. Taking title as Joint Tenants means that there are multiple owners and they do not have the right to will their interest in the property to anyone. Upon the death of one of the owners, their interest in the property will be transferred to the remaining owner or owners. This is the most common way that married couples take title.
Tenants in Common: Tenants in Common differs from Joint Tenants in that Tenants in Common DO have the right to will their interest in the property to anyone they wish. Tenants in Common are often partners who get together to purchase Real Estate and want to be able to will their interest in the property to family or friends rather than their co owner/s.
As always, if you have questions about this or anything else pertaining to Summit County Real Estate, please feel free to contact me anytime.
All the best,
Tyler MacGuire e-PRO®, SFR
Broker Associate
Omni Real Estate Company
Email: tylermacguire@hotmail.com
“Your Guide to Summit County Real Estate”
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