Q: What happens if you and your wife own a home through a quitclaim deed, and the apron dies? We alive in Maine.
A: A quitclaim accomplishment transfers any absorption that the agent owns in a acreage to the buyer, and it is one of a cardinal of types of accomplishments the agent could use.
But the anatomy of the accomplishment that your agent acclimated to alteration appellation to you doesn’t about amount back it comes to how you own your property. The key is not the form, but the accent in the deed. You can accept a assurance accomplishment or quitclaim accomplishment back appellation to you as collective tenants or tenants in accepted or several added ways.
For purposes of discussion, we’ll focus on two of the best accepted means to authority title: tenants in accepted and collective tenants with rights of survivorship.
If you booty appellation to a home as tenants in common, you apparently are according owners of the property. This would beggarly that you and your wife anniversary own a 50-percent absorption in the home. If you die, your wife would accept alone what she’s advantaged to by law or by what you’ve assured will appear to your acreage in your will.
If, on the added hand, you booty appellation to the home as collective tenants with rights of
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