My husband and I are buying a house, what does “joint tenancy with right of survivorship” mean and why is it important?

In Ohio, a joint tenancy with right of survivorship is a statutory means by which two or more individuals may own property. An important and appealing aspect of a joint tenancy with survivorship rights is what happens when one joint tenant dies. At death, a joint tenant’s property interest does not pass through the joint tenant’s estate, but instead automatically passes to the other joint tenant(s). The operative and important aspect to a joint tenancy with right of survivorship answers the second question: a joint tenancy with survivorship rights provides a mechanism for avoiding probate. Rather than having to go through the (potentially lengthy and costly) probate process, a deceased joint tenant’s interest passes automatically to the surviving joint tenant(s). In short, a joint tenancy with survivorship rights is a method for multiple individuals to own property that will automatically transfer at death.
 
The above question and answer is based on a hypothetical situation. The information provided above is not legal advice. The information presented is a short summary of the  stated issue and is not intended to be relied upon in any specific circumstance. 

I recently completed the purchase of my home through a land installment contract; what do I need to do to complete the process?

In short, you need to record a properly executed deed. At the end of this process you want everyone in the world to have notice that you own your property and have the exclusive right to enjoy it. A properly recorded deed provides the means by which to accomplish this goal. Real property transfers from one party (grantor) to another party (grantee) via a written instrument called a deed. Simply put, the deed recites that the grantor is granting or transferring the real property to the grantee. The grantee, or the buyer in our scenario, takes the deed to the county offices where it is recorded. Once recorded, anyone considering that particular piece of real property may perform a search and see that the real property is owned by the grantee.
 
 
 
The above question and answer is based on a hypothetical situation. The information provided above is not legal advice. The information presented is a short summary of the  stated issue and is not intended to be relied upon in any specific circumstance.