This form is a Warranty Deed where the grantors are husband and wife and the grantees are three individuals. Grantors conveys and warrant the described property to the grantees. This deed complies with all state statutory laws.
North Carolina Warranty Deed - Husband and Wife to Three Individuals
Category:
State:
North Carolina
Control #:
NC-020-78
Format:
Word;
Rich Text
Instant download
Description Deed Husband Wife
Free preview Warranty Three Individuals
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FAQ
Tenancy by the entirety, another joint-owned property option, is when the parties are husband and wife. In this case, each spouse has an equal and undivided interest in the property. If one spouse dies, the full title of the property automatically passes to the surviving spouse.
For one, if property is held in tenancy by the entirety, neither spouse can transfer his or her half of the property alone, either while alive or by will or trust. It must go to the surviving spouse. This is different from joint tenancy; a joint tenant is free to break the joint tenancy at any time.
Joint Tenancy Two or more people, including spouses, may hold title to their jointly owned real estate as joint tenants. There is a so-called right of survivorship, which means that when one dies, the property automatically transfers to the survivor without the necessity of probating the estate.
The states that recognize tenancies by the entirety for all types of property are Arkansas, Delaware, Florida, Hawaii, Maryland, Massachusetts, Mississippi, Missouri, New Jersey, Oklahoma, Pennsylvania, Rhode Island, Tennessee, Vermont, Virginia, and Wyoming.
Tenancy by the entirety property ownership is automatic in a sense, but not required. N.C. Gen.
In tenancy by the entirety, both partners wholly own the entire property concurrently. Another trait is Right of Survivorship. This means that when one spouse dies, the law entitles the other spouse to receive the share of the one who died. In contrast are the Community Property States.
Tenancy by the entirety in North Carolina is a hybrid of common law and statutory law. The basic elements of a tenancy by the entirety in North Carolina are: It can exist only between a husband and wife. Two people who are not husband and wife cannot own real property together as tenants by the entirety.
Tenancy by the entirety is a form of property ownership reserved only for married couples.This arrangement creates a right of survivorship, so when one spouse dies, their interest in the property is automatically transferred to the surviving spouse.
For one, if property is held in tenancy by the entirety, neither spouse can transfer his or her half of the property alone, either while alive or by will or trust. It must go to the surviving spouse. This is different from joint tenancy; a joint tenant is free to break the joint tenancy at any time.