Ways to Take Title

When you buy real estate you want to take title in the way that best fits the circumstances. There are many ways to do this. Here are some different ways to take title and what that means for you.

• Joint Tenants with Rights of Survivorship This is usually found in property that is owned by a husband and wife. This type of title means that if one person dies, the other one gets title to the property.
• Tenants in common Each party owns a certain percentage of the property.
• Title in Trust This title is taken through a trust, usually by families. This allows a husband and wife to transfer property to children without going through probate, which can be expensive and time consuming.
• If a corporation or LLC buys a property, who actually owns the property? Usually there is a member and a manager. The manager signs the deed and manages the LLC. The members are protected from liability but own a percentage. That can be transferred.

Which type of title you consider is important. For more information about ways to take title in Oklahoma, contact Ann Rollins, Closings of Tulsa, 918-493-2241 or www.closingsoftulsa.com.

For all your real estate needs in the Bixby, OK area, contact The Baskin Real Estate Specialist of McGraw Realtors at 918-258-2600 or www.darrylbaskin.com.