property deed

[coachjkk]

If two siblings and their spouces are buying a residential property together, how should the title to the deed be registered?

 

[presutin]

If they are contibuting to acquire the property then all have to be on the deed.

 

[coachjkk]

Does the deed need to specifically identify joint ownership or is having the names sufficient -- ie sibling#1 & Spouce along with Sibling#2 & Spouce ...

 

[presutin]

Names are the only thing that show up on a deed. It does not say who owns what as far as percentages or what is the marital status or family relationship between those that are listed on it.

 

[lwpat]

You are correct to be asking the question. What if somebody gets divorced? What if someone decides to sell their share? What is the purpose of the purchase? What if one party decides not to pay their share of the expenses?

Not only do you need a deed but you probably need a contract or you may want to put the property in an LLC.