Real Estate Law
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If one has inherited land or property along with others and is concerned with the future succession of the property...........How the land is titled is of utmost importance.
If the property/land were titled as JTWROS (Joint with right of survivorship) this would transfer automatically to each of the others upon the passing of one individual
Tenants in common would each have individual shares, which they could pass as they like in their will (upon their passing)
You are asking how to set it up so that one may pass their individual share on to whomever they like?.........either through sale or succession (through a will or trust).
If property is held as tenants in common and one individual sell's their share to another, or passes along their share to another through a will...................this would cause the person to become the owner of their share (basically stepping into the shoes of the prior owner). The individual would become the new Tenant in Common with the other owners.
The title would continue to be a tenancy in common with the other owners.
Please let me know if this satisfactorily answers your question or if you have additional follow up questions and I would be glad to assist you. In addition, please remember to click ACCEPT if you are satsified so that I may receive credit for my answer. Thanks for using JustAnswer.
In addition, here is a link to the South Dakota statutes on ownership of property: http://legis.state.sd.us/statutes/DisplayStatute.aspx?Type=Statute&Statute=43-2
Good luck and please let me know if you have any follow up questions.
With a tenancy in common the shares are individual and may be passed to whomever each individual owner wants. In addition each owner can dispose of his/her chat
share to whomever he/she wants.
The 3 would retain their ownership and the fourth could sell to another.
Have I answered your question satisfactorily? or do you have follow up questions....which I would be happy to help you with.
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Please let me know if I can assist you further and I would be happy to help.
Hello? Did you have any follow up questions? Do you feel that I answered your question satisfactorily?
In order to prevent land from being transferred to outside parties, two or more owners can title it as JTWROS (Joint with Right of Survivorship). This would not allow an individual to transfer his/her share to anyone else. If one owner were to pass away, his/her share would go to the other current owners automatically.
That would prevent the division of land/property in a case like the one you have mentioned.
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