This regularly-scheduled sponsored Q&A column is written by Will Wiard, Arlington-based real estate broker, voted one of Washington’s Best Realtors of 2015 by Washingtonian. Please submit your questions via email.
Q: My girlfriend and I are thinking about buying a home. We both have steady jobs and have watched the market closely. We think a condo would be best, but are unclear about owning a place together because we aren’t married. What are our options?
A: If you’re purchasing a property in Virginia you have a few options for holding a title together. Make sure to review and identify the option that works best for all parties involved.
Tenancy in common is a form of ownership most common when a property purchase involves more than one person. It is possible to involve more than two people in this agreement, as well, and either share equal ownership or divide it up in a way agreed upon by all parties. Additionally, in most cases under tenancy in common, an individual can sell their interest without the approval from the other owners. Should an owner pass away, the property can be transferred to someone else through a will or heirs.
Joint Tenancy is when two or more people have equal interest in and possession of the property. If a property is owned under “joint tenancy with the right of survivorship,” then in the event one person passes away the other will automatically gain ownership of the premises. An owner can also seller their interest to a third party.
Tenancy by the entirety is a special form of joint tenancy reserved for a couple that is married and considers them as a whole. Both parties have equal ownership of the property and a right of survivorship. Neither party can sell their interest without the other.
It’s important to review the different types of ownership before closing on a property and understand that each type has options. If anyone would like additionally information on other types of ownership or would like to be connected to a title company that can assist them, please reach out to me.
Thank you for this week’s question. Please keep them coming to [email protected]. This is also a great place to reach me for anyone looking to buy or sell a home in the Arlington area.
The views and opinions expressed in the column are those of the author and do not necessarily reflect the views of ARLnow.com.
Recent Stories
Good Thursday evening, Arlington. Let’s take a look back at today’s stories and a look forward to tomorrow’s event calendar. 🕗 News recap The following articles were published earlier today…
All lanes of northbound I-395 were blocked at Glebe Road due to a fatal motorcycle crash.
Federal authorities will investigate a near collision on the ground at Reagan National Airport, ARLnow has learned. The incident happened around 7:40 a.m. today (Thursday). “An air traffic controller instructed…
Inmates at the Arlington County Detention Facility picked up their paddles once again to compete in a pickleball tournament this week — and this time they had some additional friends….
Unlike our competitors, Well-Paid Maids doesn’t clean your home with harsh chemicals. Instead, we handpick cleaning products rated “safest” by the Environmental Working Group, the leading rating organization regarding product safety.
The reason is threefold.
First, using safe cleaning products ensures toxic chemicals won’t leak into waterways or harm wildlife if disposed of improperly.
Second, it’s better for you and your family. Fragrant chemicals in surface cleaners can expose you to a similar amount of pollutant particles as a busy city road, New Scientist reported.
Northern Virginia Family Practice (NVFP), known for its comprehensive concierge healthcare, is thrilled to introduce Mark Sullivan, MD as the newest member of its family medicine team.
Dr. Sullivan brings a wealth of experience in family medicine, underpinned by a passion for delivering personalized, patient-centered care. He has a distinguished background in managing various medical conditions, emphasizing preventive care, health education and chronic disease management. Dr. Sullivan is adept at employing the latest medical research and technologies to enhance patient outcomes.
Beyond his medical expertise, Dr. Sullivan is committed to the well-being of his community, demonstrating this through his active engagement in local health initiatives and educational programs. His approach to medicine is holistic, focusing on integrating physical, mental and emotional health and patient education to achieve optimal patient wellness.
Dr. Sullivan is now accepting new patients at their newly established Arlington office at 2445 Army Navy Drive, Arlington, VA, 22206. The office, known for its patient-friendly amenities and state-of-the-art medical facilities, continues to provide the exceptional, personalized care NVFP is known for in its newly upgraded Arlington location.
Sweeney Todd
A victim of a gross injustice that robbed him of his wife and child, Sweeney Todd sets about exacting a terrible revenge on society.
Fascination
Goth-Dark Wave Dance Party with Belly Dancing and Drag King Show.
Part of OurAlternative Thursdays for Alternave People with Alternative Lifestyles
Performances By
Belladonna and the Nightshades
Ya Meena
Drag King - Ken Vegas
DJ Michelle Guided
