Ways you can hold title in Ohio:

The following information is intended only to give a brief description of the two most common ways of holding title in Ohio and is not provided for the purpose of advising how to take title.  If further information is desired you should seek legal counsel from your attorney or retain an attorney for advice on these matters.

In order to properly prepare the documents we require information from you as to how you intend to take title to the real estate.  The two most common ways two or more persons  may hold title to real estate  are: (1) TENANTS  IN COMMON, and (2) JOINT TENANTS WITH RIGHT OF SURVIVORSHIP  (also known as “Survivorship Tenancy.” )

1. Tenants in Common: 
   Each owner has an undivided, fractional share of the property, the shares of which may be equal or unequal. Regardless of the size of an individual’s share, each tenant in common enjoys full ownership of his or her share, and can sell, mortgage, use, or dispose of it as a full owner. On his or her death, the tenancy passes to heirs or to those named in the tenant-in-common’s  will.  If  partition  is  ordered,  the  property  may  be  physically divided and a fee simple portion given to each tenant in common, or the property  may  be  sold  as  a  unit  and  the  proceeds  divided  among  the tenants in proportion to their respective shares.
2. Survivorship Tenancy: 
   A survivorship tenancy is similar to tenancy in common, except that joint tenants have a right of survivorship.  That is, when one joint tenant dies still  owning  his  or  her  share,  the  share  passes  automatically  to  the surviving tenant(s). Thus, a survivorship tenancy cannot be transferred by will, as the nature of this form of ownership is that it automatically passes to the survivor(s). The right of survivorship also may be ended where, for example,  all joint tenants transfer or convey their interest.   In Ohio the right of survivorship must be specifically described in the document that creates it.  The common language used in our state to create the survivorship tenancy is "for their joint lives, remainder to the survivor of them".