Co and Joint Ownership of Real Estate | Boulder, Colorado
In Colorado there are essentially five ways to own real estate. Simply put, the first is in severalty, which means that the real estate is owned by an individual person. The second is two or more people owning the real estate as tenants in common, which means that, upon the death of a co-owner, the deceased person’s ownership interest is passed to the beneficiaries of his or her estate (through a will, the laws of intestacy, or a trust) rather than directly to the surviving owner. The third is two or more people owning the real estate as joint tenants with right of survivorship (JTWROS), which means that if either co-owner dies the deceased person’s interest in the real estate passes immediately to the surviving owner. The fourth is ownership of real estate by an entity, in which ownership of the company translates into de-facto ownership of the real estate (an asset of the company). Finally, the fifth is ownership by a trust, in which the trust property is managed by a trustee for the benefit or him/herself or someone else (the beneficiary).
Each type of ownership has its benefits and drawbacks. Most Coloradans who are committed to their significant other through marriage or a civil union, and many others in committed relationships who have not yet or never plan to get married, will choose to take title to their real estate as joint tenants because in the event of the death of either spouse both spouses would want the real estate to pass directly to the surviving spouse. However, if you are a non-married couple, and especially if you and your partner’s investments in the property are unequal, taking title to real estate in equal or unequal portions as joint tenants or even as tenants in common may not be well suited to your needs. Likewise, if you are starting or are involved in a joint business venture, the standard forms of ownership may not be appropriate. In either event it is essential that you have an expert to help you through this complex analysis and draft the necessary documents to meet your needs.
If you trying to determine the best approach to co-owning real estate in Boulder, Colorado and are looking for a Boulder Real Estate Lawyer with a results oriented, cost-effective approach tailored to your matter’s specific needs, contact Newell Law. We have the experience and knowledge to achieve the best results possible for your case.