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Colorado Special Warranty Deed Husband and Wife Grantors to Husband...

Colorado Springs Colorado Special Warranty Deed Husband and Wife Grantors to Husband and Wife Grantees

Name: Colorado Springs Colorado Special Warranty Deed Husband and Wife Grantors to Husband and Wife Grantees
Brand: US Legal Forms
Rating: 4.72 (453 reviews)

Category:

Colorado Real Estate - Deeds - Special Warranty

State:

Colorado

City:

Colorado Springs

Control #:

CO-07-78

Format:

Instant download

Description

This form is a Special Warranty Deed where the Grantors are Husband and Wife and the Grantees are Husband and Wife. Grantors convey and specially warrant the described property to the Grantees. The Grantees take the property as tenants in common or as joint tenants with the right of survivorship. The Grantors only warrant and will defend the property only as to claims of persons claiming by, through or under Grantors, but not otherwise. This deed complies with all state statutory laws.

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FAQ

In ?joint tenancy,? each owner has an equal and undivided interest in the property. Most importantly, a joint tenancy creates a ?right of survivorship,? which means that when one owner dies, his or her interest passes to the surviv- ing joint owner(s).

This can be done using the phrase ?as joint tenants with right of survivorship? or ?in joint tenancy with right of survivorship,? or by using the abbreviation ?JTWROS,? which stands for either of the two phrases. The number of joint tenants is not limited to two persons. There can be any number of joint tenants.

Utilizing a revocable trust is the best way for a married couple to take title. Titling property in your trust avoids probate upon the death of both the initial and surviving spouses and preserves the capital gains step up for the entire property on the first death.

Normally when property is purchased jointly there is a survivorship clause, meaning that on the death of one of the joint owners, their share in the property automatically passes to the survivor(s).

The most recognized form for a married couple is to own their home as Tenants by the Entirety. A tenancy by the entirety is ownership in real estate under the fictional assumption that a husband and wife are considered one person for legal purposes. This method of ownership conveys the property to them as one person.

You will need to have the quitclaim deed notarized with the signatures of you and your spouse. Once this is done, the quitclaim deed replaces your former deed and the property officially is in both of your names. You must record the deed at your county office.

' Spouses typically acquire title as ?tenants by the entireties,? which only applies to spouses. Sometimes you will see a couple who acquired the property before marriage. In some states, a pre-marital joint tenancy automatically becomes tenants by the entireties upon marriage.

Typically, when married couples are listed under the real estate title as ?husband and wife? a tenancy by the entireties is presumed. At the death of one spouse, the real estate interest passes automatically to the surviving spouse by operation of law similarly to the joint tenancy with right of survivorship.

Only a married couple may hold title as community property. Each may will their one-half of the community property to another person on their death, but more often than not, married couples do not, so their half of the community property transfers on death to their surviving spouse.

If one of the co-owners dies, his share in the property does not pass to the other co-owners but to the person named in the will of the deceased. The inheritor becomes a tenant-in-common with the other surviving co-owners. This is usually when siblings pool money to buy property.

Colorado Springs Colorado Special Warranty Deed Husband and Wife Grantors to Husband and Wife Grantees

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FAQ

What happens to a jointly owned property if one owner dies in Colorado?

Does Colorado have joint tenancy with right of survivorship?

What is the best deed for a married couple?

What happens when two people jointly own property and one of them dies?

Which tenancy is best for married couples?

How do I add my spouse to my house title in Colorado?

How do married people usually take title?

How should married couples hold title in Florida?

When a married couple holds title as community property one spouse can will?

What if one co owner of house dies?

Interesting Questions

What is a special warranty deed in Colorado Springs?

Who are the husband and wife grantors and grantees?

What does it mean for the deed to be a special warranty deed?

Why would someone use a special warranty deed instead of a general warranty deed?

What protection does a special warranty deed provide to the buyers?

Do I need a lawyer to prepare and execute a special warranty deed?

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