South Carolina Deed (Including Acceptance of Community Property with Right of Survivorship)
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FAQ
Yes, a lien may be placed on property that is jointly owned. However, the effects of that lien depend on the type of ownership that the property is under. Before discussing the terms of joint ownership, it's important that you understand exactly what liens are and what they may mean for you and your investment.
This generally means that each co-tenant has an equal right to possess or use the entire property, and that the rent or maintenance costs of the property are shared among the co-tenants ing to their ownership interest. Each co-tenant also possesses a share in the value of the property as it appreciates.
Joint Tenants with Rights of Survivorship: Created by SC Code §27-7-40. Upon the death of one owner, the death certificate is filed at the courthouse and that owner's interest automatically passes to the surviving owner(s). In other words, it does not pass through an estate.
Tenancy in Common is one of three types of shared ownership. The other two types are Joint Tenancy and Tenancy by Entirety. A TIC has no right of survivorship and when a tenant in common dies, their share of the property passes to their estate, where a beneficiary of the share of property may be named.
If you own real estate jointly with a spouse in a common law property state (and you don't own the property as tenants by the entirety), then a creditor may be able to put a lien on that property, whether or not you were ever individually liable on that debt.
In South Carolina, the personal representative must execute a deed of distribution with respect to real estate owned by a deceased person in order to transfer or release the estate's ownership or control over the property.
In South Carolina, if you are married and you die without a will, what your spouse gets depends on whether or not you have living descendants -- children, grandchildren, or great grandchildren. If you don't, then your spouse inherits everything. If you do, then your spouse inherits 1/2 of your intestate property.
South Carolina recognizes joint tenancy with right of survivorship as a common form of joint ownership for non-spouses. This form allows multiple people or entities to own a title interest to the property, and comes with various rights and responsibilities.