WHAT ARE COMMON WAYS OF HOLDING TITLE TO REAL PROPERTY IN OHIO?

IF YOU ARE AN INDIVIDUAL, THERE ARE SEVERAL WAYS YOU CAN HOLD TITLE:

1. Individually- You, (or your spouse, if applicable) could hold title in your individual name;
2. Tenants-in-Common - This form of taking title exists when two or more persons wish to buy property and own it together. If any of the tenants in common die, their interest passes to their heirs, not to the remaining tenants;
3. Joint Tenants with Right of Survivorship - This form of taking title is similar to the Tenants-in-Common ownership, where two or more persons may acquire title to real estate in varying “undivided percentages of interest”. Upon the death of one of the Joint Tenants, however, that particular interest automatically passes to the surviving Joint Tenant(s), without the need to go through probate. The clause "For their joint lives remainder to the survivor of them" needs to appear on the deed along with the names of the Grantees and is the terminology used in our area to  create Survivorship between two or more persons..