Property Vesting Explained: 4 Types of Tenancy in Michigan (Joint, Common, Entireties)

Описание: When you buy property with someone else, the way your names are written on the deed (called Vesting or Tenancy) is crucial. It directly affects your ownership rights, responsibilities, and, most importantly, what happens to the property when an owner passes away.

Hi, I'm Caitlin with Legacy Title Agency, and today we break down the four main types of tenancy in Michigan:

Tenants in Common (TIC): The default. Allows for unequal ownership shares and requires probate if an owner dies, as their interest passes to their estate/heirs.

Joint Tenants with Full Rights of Survivorship (JTWFROS): Avoids probate—the property automatically passes to the surviving owner(s). Requires equal ownership shares.

Joint Tenancy: Similar to JTWFROS (automatic transfer, equal shares), but allows a co-tenant to sell their share to an outside party, creating a new Tenancy in Common relationship with the new person.

Tenants by the Entireties (TBE): The default for married couples. Avoids probate, requires both spouses to sell, and offers special creditor protection.

Your choice of vesting has significant legal implications. We recommend consulting your attorney if you are unsure which option is best.

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