One of the most important decisions you will make for your heirs, is the choice you mark on your real estate contract for the tenancy type. The three different types in Illinois are Tenancy in Common, Joint Tenancy, and Tenancy by the Entirety.
Our web site will clearly define the three types of tenancy for real estate as supplied in cooperation with the legal staff of our underwriter, Fidelity National Title. You can find that information by visiting our website HERE and clicking the 'Tenancy Highlights' page.
Confused about which tenancy is right for you? Abstracts & Titles, Inc. has had clients describe different situations for each type that have given them piece of mind.
An older client was marrying a person and both had older children from a previous marriage. He told us he wanted his title to read ‘Tenancy in Common’ because both wanted their shares to go to their children.
Another young couple wanted to make sure if something happened to either one of them, the surviving spouse would be the only owner. Their choice was ‘Joint Tenancy’. In a completely different case, there was another couple who were not married, yet also wanted to insure that should something happen to one individual, the survivor would retain the property. They also decided 'Joint Tenancy' would work best for their situation.
Then a married business professional was concerned about his liability with law suits, and said he had been advised by his attorney to hold title to his house in ‘Tenancy by the Entirety’. Remember Tenancy by the Entirety can only be used between two married individuals for their primary residence.
There could be a hundred different situations and one of them could be your situation on how to hold title. Think the situation through first, and naturally consult with your own attorney if you have further concerns.
You can’t change the situation once something goes wrong - think it through before you buy!
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