How Are You Going to Hold Title to Your New Home?
Closing attorneys will ask the buyers this question during the document preparation period before the closing.
In South Carolina, the buyers can hold title to their property as “tenants in common” (TIC) or as “joint tenants with right of survivorship” (JTROS).
If two buyers take title as TIC, each buyer will own a one-half interest in the property, and upon the passing of either buyer, his/her 50% interest would go through probate and be disposed of according to their Will. If the buyer dies without a Will, it would go to his/her legal heirs.
If the buyers take title as JTROS, each buyer would own a one-half interest in the property. Should one of the buyers die, the surviving owner would be vested 100% ownership of the property by way of the deed language. This would NOT have to go through probate.
Most married couples choose to hold title as JTROS.
Call/text 843-900-0155 if you have additional questions or need to talk to an expert real estate attorney.