Deed vesting: It does matter
To ensure that your property is distributed according to your wishes, it is imperative to understand how you hold title. The two main ways to hold title in South Carolina are as Tenants in Common or Joint Tenants with Right of Survivorship. Tenants in Common is classified as property ownership transferred to two or more persons with language sufficient to show that the transferor intended the parties to have undivided interests in the property. Joint Tenants with Right of Survivorship is classified as the transferor indicating his desire to create a joint tenancy by expressly providing in the instrument creating the estate that the title is to be held in that manner. When one joint tenant passes, their ownership interest in the property terminates and the survivor(s) acquire that person’s interest in the property. The main distinction between the two is how the interest in the property passes. Holding title as Joint Tenants with Right of Survivorship avoids probate in a situation where one of the tenants passes. Holding title as Tenants in Common, however, would not avoid probate because the deceased’s interest must be transferred and does not terminate upon their death.
If you have any questions about title vesting or its importance, please contact our office today at 803-547-2800.