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Joint Tenancy vs Tenancy in Common and Buying Your Crested Butte Home

March 29, 2019 By Chris Kopf

Joint Tenancy vs Tenancy in Common and Buying Your Crested Butte HomeJoint Tenancy vs Tenancy in Common and Buying Your Crested Butte Home

A lot of people don’t buy their Crested Butte home by themselves. They often buy with a spouse or sometimes a family member or friend. There are two ways that more than one person can own a Crested Butte home; joint tenancy or tenancy in common. Here’s some basic information on joint tenancy vs tenancy in common and buying your Crested Butte home.

Joint Tenancy vs Tenancy in Common

A property owned in joint tenancy means there are two or more owners. In this case each tenant owns an undivided share in the same interest. If property is not owned in joint tenancy, it is owned as “tenants in common”. With Tenancy in Common, each owner owns a particular percentage. In order to own property in joint tenancy, the deed or title must have the words “as joint tenants” or “in joint tenancy”. Otherwise it will be assumed that the co-owners own the property as tenants in common.

There are many variables to consider. Therefore, you should consult with your attorney to determine what is the best option for you and your spouse to take title in a property.

Advantages and Disadvantages of Joint Tenancy

Joint tenancy is a way of owning real or personal property by two or more individuals. In a joint tenancy situation, when one of the joint tenants dies, his or her interest automatically passes to the surviving joint tenant(s). This allows the surviving joint tenant(s) to avoid probate.

Crested Butte Real Estate Market 101

Advantages of owning your Crested Butte home in joint tenancy are that it allows the surviving tenants to avoid filing a probate action with the court, because title transfers by operation of law. For Medicaid recipients, if property is owned in joint tenancy, it never becomes part of the recipient’s probate estate, and is therefore not subject to estate recovery claims by the Colorado Department of Health Care Policy and Financing.

Disadvantages of a home owned in joint tenancy are that the property is subject to the liabilities and creditors of all of the joint tenants. For example, if one of the joint tenants is held liable in a civil law suit, the plaintiff or creditor may force the sale of the entire property. Similarly, if a bank account is owned in joint tenancy, any of the joint tenants has the right to make withdrawal at any time.

Owning property in joint tenancy may also cause unintended consequences such as disinheriting a child or loved one. This is because provisions were made for them in the will, but the joint tenancy property is not subject to the terms of the will. Property owned in joint tenancy may be subject to the claims of a surviving spouse and children when a decedent’s probate estate assets are insufficient to pay such claims.

Changes may have occurred in the law since the time of publication. Before relying on this information, consult an attorney about your individual case.

Tenancy in Common

Crested Butte Home for saleTenancy in common is a form of concurrent ownership of real property in which two or more persons possess the property simultaneously. It can be created by deed, will, or operation of law. Tenancy in common is a specific type of concurrent (simultaneous) ownership of real property by two or more parties. All tenants in common hold an individual, undivided ownership interest in the property. This means that each party has the right to alienate, or transfer the ownership of, her ownership interest. This can be done by deed, will, or other conveyance.

Another difference between tenants in common and joint tenants is that tenants in common may hold unequal interests. By contrast, joint tenants own equal shares of the property. Furthermore, tenants in common may acquire their interests from different instruments. Whereas joint tenants and tenants by the entirety must obtain their interests at the same time and in the same document.

Joint Tenancy vs Tenancy in Common and Buying Your Crested Butte Home Final Thoughts

I hope you see the level of detail and time and effort I put into this candid article Joint Tenancy vs Tenancy in Common and Buying Your Crested Butte Home.  I have become a Top Real Estate Agent in Crested Butte by helping my clients to make informed decisions. Some decisions are not always easy.

This is representative of what you can expect from me as your agent.

If you need more information or advice – contact me directly to discuss.

Thanks,
Chris.

How can I help you?

Chris Kopf Author Real Estate AgentI have over 30 years of sales and marketing experience and am a top real estate agent in the mountain town of Crested Butte, Colorado representing affluent clients who are buying and selling their homes and properties.

To see Crested Butte Homes For Sale or search the MLS – click on My Listings.

How is the Crested Butte Market doing?  Click this link to see my monthly Crested Butte Real Estate Market Reports.

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Chris Kopf
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Coldwell Banker Mountain Properties
Chris.Kopf@CBMP.com
(970) 209-5405

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305 6th Street
Crested Butte, CO 81224
  • Chris.Kopf@CBMP.com
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Testimonials

Bobby Nichols

"The first moment we met Chris, my wife and I knew he was all about what is happening in real estate sales in Crested Butte. He knows his job, the marketplace and the innovative ways to market your home in today's electronic internet space. A real professional that understood us and our needs in handling a very successful sales transaction. "

 
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:45:19-07:00
"The first moment we met Chris, my wife and I knew he was all about what is happening in real estate sales in Crested Butte. He knows his job, the marketplace and the innovative ways to market your home in today's electronic internet space. A real professional that understood us and our needs in handling a very successful sales transaction. "  
https://chriskopf.com/testimonials/bobby-nichols/

Jeff Hollings

Chris is outstanding! We recently bought a second home in Crested Butte and Chris did a great job throughout the whole process. He has a thorough understanding of the market and the benefits and drawbacks of various locations. He was very patient with us as our preferences evolved throughout the search. He gave us valuable information on which to negotiate the purchase. He had great follow-up during the inspection/closing process (when we were not in town) and made sure all of the commitments made by the seller were properly completed.
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:46:48-07:00
Chris is outstanding! We recently bought a second home in Crested Butte and Chris did a great job throughout the whole process. He has a thorough understanding of the market and the benefits and drawbacks of various locations. He was very patient with us as our preferences evolved throughout the search. He gave us valuable information on which to negotiate the purchase. He had great follow-up during the inspection/closing process (when we were not in town) and made sure all of the commitments made by the seller were properly completed.
https://chriskopf.com/testimonials/jeff-hollings/

James Brennan

This was our first experience trying to purchase additional land with hopes of building a home. Chris was tremendously helpful throughout the entire process and his professionalism showed.
Crested Butte Real Estate by Chris Kopf
2014-10-14T17:59:24-06:00
This was our first experience trying to purchase additional land with hopes of building a home. Chris was tremendously helpful throughout the entire process and his professionalism showed.
https://chriskopf.com/testimonials/james-brennan/

Jane Saltzman

Chris was terrific to work with. The house sold faster then I ever expected! He was particularly helpful for this second home owner that couldn't always get there to take care of house issues. Thank you Chris!!!
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:49:37-07:00
Chris was terrific to work with. The house sold faster then I ever expected! He was particularly helpful for this second home owner that couldn't always get there to take care of house issues. Thank you Chris!!!
https://chriskopf.com/testimonials/jane-saltzman/

Georges Lussier

The thought of a short sale was intimidating, but Chris made the experience very easy with lots of guidance from start to finish. I would highly recommend Chris for any Real Estate need buying or selling.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:05:40-06:00
The thought of a short sale was intimidating, but Chris made the experience very easy with lots of guidance from start to finish. I would highly recommend Chris for any Real Estate need buying or selling.
https://chriskopf.com/testimonials/georges-lussier/

Frank Stringer

Chris Kopf is a wonderful person to work with on any real estate matter you may have in Crested Butte. He is extremely knowledgeable of all elements of the Crested Butte area. He helped us recently to buy a new second home in Skyland and the entire experience was first class under Chris's guidance. I would highly recommend him to anyone who has a real estate need in Crested Butte.
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:51:04-07:00
Chris Kopf is a wonderful person to work with on any real estate matter you may have in Crested Butte. He is extremely knowledgeable of all elements of the Crested Butte area. He helped us recently to buy a new second home in Skyland and the entire experience was first class under Chris's guidance. I would highly recommend him to anyone who has a real estate need in Crested Butte.
https://chriskopf.com/testimonials/frank-stringer/

Paul & Julie Keesee

Chris was quite helpful in showing us homes in the area we were interested in and contacted us when new listings were available. We not only consider him our realtor but also a friend.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:05:59-06:00
Chris was quite helpful in showing us homes in the area we were interested in and contacted us when new listings were available. We not only consider him our realtor but also a friend.
https://chriskopf.com/testimonials/paul-julie-keesee/

Jim & Sandra Wickham

Chris' patience and persistence paid off for us in finding the right house for the right price. We would highly recommend Chris to any potential buyer.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:06:18-06:00
Chris' patience and persistence paid off for us in finding the right house for the right price. We would highly recommend Chris to any potential buyer.
https://chriskopf.com/testimonials/jim-sandra-wickham/

Tom & Mary Aton

It was a great experience working with Chris, after showing me what I thought I wanted, he advised me of the pros and cons on the different condos and found one that I am thrilled with.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:06:31-06:00
It was a great experience working with Chris, after showing me what I thought I wanted, he advised me of the pros and cons on the different condos and found one that I am thrilled with.
https://chriskopf.com/testimonials/tom-mary-aton/

Dan Aquaviva

This agent has a very strong knowledge of the local area. He was very helpful in screening properties for potential purchase.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:05:26-06:00
This agent has a very strong knowledge of the local area. He was very helpful in screening properties for potential purchase.
https://chriskopf.com/testimonials/dan-aquaviva/
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Crested Butte Real Estate by Chris Kopf

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