October 2016 Mortgage Market Share Report

Options for holding title:

As a result of recent questions that we?ve received, we thought it would be beneficial to summarize for you options for holding title to real estate.

The three options are

1. Tenants by the Entireties
2. Joint Tenancy with Right of Survivorship
3. Tenants in Common

Tenant by the Entireties is available only to married couples. Besides affording survivorship rights, it is unique in that judgment liens and state tax warrants against one spouse do not attached as liens against property held jointly in this manner.

Legally married same-sex married couples have all of the same rights, benefits, protections and responsibilities as other married persons under Indiana law. Therefore, for the purpose of holding title to real estate all married couples enjoy the same options, including tenants by the entireties, whether they are opposite-sex or same-sex.

Joint tenancy is available to all people holding title to real estate without regard to marital status. Upon death, a joint tenant?s interest will pass by operation of law to the surviving joint tenants. Judgments and tax liens however are a lien against the joint tenant?s interest in the property.

Tenants in Common is also available to all people holding title to real estate without regard to marital status. There are no survivorship rights so a deceased?s interest passes to their legal heirs or devisees. Judgments and tax liens are a lien against the individual?s interest in the property.

A qualified estate attorney can help your clients decide the best option for holding title. The deed will establish how parties hold title. Prior to closing we need to be advised of your client?s choice so that we can correctly prepare the deed.

During October

• We helped 283 people buy, sell or refinance their property.
• Our average turn-around time for title Monroe County title commitments was 2.94 days with 93% produced in four days or less.
• Seller-side closing statements were provided three or more days prior to closing 66% of the time and at least two days prior to closing 82% of the time.

Thank you for the continued opportunity to help you and your clients with such an important event in their lives!

John Bethell