Indianapolis/Fishers Real Estate

There are currently 765 homes for sale in Fishers.  With the extension of the first time buyers tax credit and creation of the $6,500 tax credit for repeat buyers, it will be interesting to see what happens to the levels of inventory we have.

I am seeing a variety of individuals look to purchase homes and this always brings up the conversation around how to hold Title or ownership types.

The most common are Joint Tenancy, Tenancy in Common and Tenancy by the Entirities.  Let’s go over a few of the differences in each.

Joint Tenancy is for any number of persons; could be husband and wife but could be three friends.  The division is equal; each owner has an equal piece of the pie.  Each owner can sell their interest to another person.  If one of the owners dies, that interest is automatically passed to the remaining owners.  To create a joint tenancy the co-owners must share four “unitites”.  They must acquire the property at the same time, have the same title and interest in the property and have an equal right to possess the entire property. Most married couples choose Joint Tenancy with Rights of Surviorship.

Tenancy in Common is for any number of persons; could be husband and wife but could be three friends.  The division is divided into interests but may not be equal.  Each owner has a separate legal title to their interest.  If one owner dies, it does go to that owner’s heirs rather than the remaining owners.  Here’s a real life example:

My husband and I own 1/12 of a share of a house in Breckenridge with 11 other couples across the United States.  The shares are equal.  When we die, they will become a vacation spot for our kids!

Tenancy by the Entirety is specifically for husband and wife.  Any decisions regarding the sale or refinancing must be agreed by both parties.  If one of them die, the other automatically gets the house.

There are a variety of ownership types as well, such as PUD, Co-op, etc.  But those will be in another post.  Determining how to hold Title is something you will want to discuss with your attorney or with the Title Company.

In the meantime, be sure to let me know if you would like your home in Fishers evaluated for pricing and how fast it might sell in the current market.

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Other Northside Blogs (Carmel, Noblesville, and Geist)

 Cindy “in Indy” Marchant - Fishers Real Estate Agent
Keller Williams Realty Indy Metro NE
Fishers IN Real Estate Website
317-290-7775