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Joint Tenancy with Rights of Survivorship
FORM OF CONVEYANCE DISCLOSURE
Effective August 17, 2000, the legislature recognized the creation of
a joint tenancy by deed of conveyance. Whenever any deed of conveyance
of real estate contains the names of the grantees followed by the
words "as joint tenants with rights of survivorship and not as tenants
in common" the creation of a joint tenants with rights of survivorship
in the real estate is conclusively deemed to be created.
What does this mean?
In the event of the death of a joint tenant, and in the event only one
other joint tenant in the joint tenancy survives, the entire interest
of the deceased joint tenant in the real estate vests in the surviving
joint tenant, who is vested with the entire interest in the real
estate owned by the joint tenants.
In the event of the death of a joint tenant survived by more than one
joint tenant in the real estate, the entire interest of the deceased
joint tenant vests equally in the surviving joint tenants who
continues to own the entire interest owned by them as joint tenants
with right of survivorship.
The fee interest in real estate held in joint tenancy may not be
encumbered by a joint tenant acting alone without the joiner of the
other joint tenant or tenants in the encumbrance.
If all the joint tenants who own real estate held in joint tenancy
join in an encumbrance, the interest in the real estate is effectively
encumbered to a third party or parties.
If real estate is owned by only two joint tenants, a conveyance by one
joint tenant to the other joint tenant terminates the joint tenancy
and conveys the fee in the real estate to the other joint tenant.
If real estate is owned by more than two joint tenants, a conveyance
by one joint tenant to all the other joint tenants therein conveys his
interest therein equally to the other joint tenants who continue to
own the real estate as joint tenants with right of survivorship.
Any joint tenancy in real estate held by a husband and wife with no
other joint tenants is severed upon the filing of an order or decree
dissolving their marriage and vests the interest in both the parties
as tenants in common, unless an order or decree of a court of
competent jurisdiction otherwise provides.
The interest of any joint tenant in a joint tenancy in real estate
sold or conveyed by a court of competent jurisdiction where otherwise
permitted by law severs the joint tenancy, unless the order or decree
of such court otherwise provides and vests title in the parties as
tenants in common.
If real estate is owned by two or more joint tenants, a conveyance by
all the joint tenants to themselves as tenants in common severs the
joint tenancy and conveys the fee in the real estate to these
individuals as tenants in common.
The surviving joint tenant or tenants may, following the death of a
joint tenant, file with the Register of Deeds of the county in which
the real estate is located a certified copy of the certificate of
death of the deceased joint tenant. The fee to be paid to the Register
of Deeds for this filing is the same as the fee for the deed of
conveyance. The Register of Deeds must index the certificate of death
under the name of the deceased joint tenant in the grantor deed index
of that office. The filing of the certificate of death is conclusive
that the joint tenant is deceased and that the interest of the
deceased joint tenant has vested by operation of law in the surviving
joint tenant or tenants in the joint
tenancy in real estate.
Otherwise you will own the property with the joint owner as tenants in
common. Each owner's interest will then be distributed according to
his or her will or if no will, state statue.
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