The way that you hold title to your property has legal, tax, and estate-planning consequences. Many buyers do not receive adequate professional advice on this important aspect of property ownership.

If you are purchasing property by yourself, you will be acquiring title by sole (or "separate") ownership, single ownership, or severalty ownership. The term "severalty" does not denote more than one person - it is a legal term meaning that sole ownership is severed from all other forms of ownership.

If you are purchasing property with others, the most common forms of co-ownership are tenancy in common, joint tenancy, and community property. Tenants in common can be created when two or more related or unrelated people hold title to a property either equally or unequally. Each individual has the right to do whatever he wishes with his interest in the property. For example, he can sell his interest, give it away, or will it to someone else.

Before you take title, you should seek advice from your tax advisor and an attorney, particularly if you are buying the property with another person.

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Shannon Aronson
Keller Williams Realty Premier Properties
488 Springfield Avenue
Summit, NJ. 07901
Mobile: 973-214-0691
Office: 973-376-0033 x 124
Fax: 908-273-2996
Email: ACutAbove@ShannonAronson.com

Shannon started her local real estate career 8 years ago with investment properties, both renovating houses for resale and acquiring rental properties. Because of her experience with buying and selling, Shannon is sensitive to the needs and expectations of buyers and sellers. Shannon Aronson has a Masters degree from New York University. Whether in life or in business, Shannon Aronson approaches her goals with unbridled determination, commitment and enthusiasm. Her dedication to achieving only optimal results makes her a sought after real estate agent in the area. Shannon uses her investment experience, her skills in negotiation and cutting edge Internet marketing to help her clients achieve their dreams. When you’re in the market to buy or sell your home in the area, Shannon Aronson and her team of competent professionals will deliver results that are A Cut Above. Looking for Real Estate in Short-Hills, Millburn, Summit, Maplewood & Livingston, New jersey, I can help! call today to schedule a private consultation.