Property Ownership Flashcards
1
Q
Joint Tenancy
A
Not favored in NC
Attorney has to write separate
2
Q
Tenants by the Entirety
A
Most common
Married and no mention of Deed, default to Tenants by Entirety.
Bought the house while married
Each spouse own shared interest in real property
Real property goes to other spouse
3
Q
Tenants in Severalty
A
Only one person
4
Q
Tenants in Common
A
Both on the deed
Does not have to be married
Almost no rules, Different shares/ interest
Will interest to someone other than spouse
1 to buy 2 to sell
