This form is a Warranty Deed where the grantors convert community property to a joint tenancy holding.
Alaska Warranty Deed to convert Community Property to Joint Tenancy
Category:
State:
Alaska
Control #:
AK-SDEED-3
Format:
Word;
PDF;
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Example Of A Warranty Deed FAQ
It would be simple for us to say that you can simply record a new document putting both of you onto title to the home as joint tenants with rights of survivorship. Usually, when you make a simple change in the title from tenants in common to joint tenants, the taxing authorities will ignore that change.
The term joint tenants in common (JTIC) refers to a legal relationship in which two or more people own a piece of property or another asset where no rights of survivorship are afforded to any of the account holders. If one owner dies, the surviving owner doesn't necessarily acquire the rights of the deceased owner.
Generally, property held as community property with right of survivorship has tax advantages over a joint tenancy. In a joint tenancy, when one spouse sells property that was held jointly prior to the death of the other spouse, a portion of the profit is subject to capital gains tax.
Change from joint tenants to tenants in common You can make this change without the other owners' agreement. A solicitor, conveyancer or legal executive can also make the application for you.
The name and address of the seller (called the grantor) The name and address of the buyer (called the grantee) A legal description of the property (found on the previous deed) A statement that the grantor is transferring the property to the grantee.
The term joint tenancy refers to a legal arrangement in which two or more people own a property together, each with equal rights and obligations. Joint tenancies can be created by married and non-married couples, friends, relatives, and business associates.
Change from tenants in common to joint tenantsYou need the agreement of all the other joint owners to change from being tenants in common to joint tenants. A solicitor, conveyancer or legal executive can also make the application for you.
The name and address of the seller (called the grantor) The name and address of the buyer (called the grantee) A legal description of the property (found on the previous deed) A statement that the grantor is transferring the property to the grantee.
You may agree with your other co-tenant(s) to sever it. If you cannot agree on how to divide the property, you may terminate your tenancy in common by seeking judicial partition of the property.