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Proper language on deed for joint ownership

JudyS

JudyS

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I am giving away a timeshare to another TUG member (or rather, "selling it" for $1), and I offered to prepare the deed myself. I own the timeshare as individual (not married) property, and the TUG member who will receive the timeshare will own it as joint property. I want to make sure I get the language right when preparing the deed. This is for a quit-claim deed for a Texas timeshare.

(Names and addresses in the examples below have been changed for privacy)

The current deed says:
THE UNDERSIGNED, Inverness II Condominium Assoc. Inc., hereafter called Grantor, for Ten ($10.00) and other good and valuable consideration in hand paid by Judith A. Smith, 123 Main Street, Ann Arbor, MI 48108, hereafter called Grantee,...​

I am planning to prepare the new deed to say:
THE UNDERSIGNED, Judith A. Smith, 123 Main Street, Ann Arbor, MI 48108, hereafter called Grantor, for One ($1.00) and other good and valuable consideration in hand paid by Robert Jones and Susan Jones, 999 Broad Street, Anytown, NY 10888, husband and wife as joint tenants with right of survivorship, hereafter called Grantee,...​

Does this sound like the proper language? I have taken the "joint tenants with right of survivorship" phrase from another deed, but it's not a Texas deed. A google search suggests that this exact language is used in Texas, though. I'm also a little unsure whether the "husband and wife as joint tenants with right of survivorship" phrase should go before or after the grantee's address.

Any thoughts? Thanks in advance!
Judy
 
Yup

Just like your example. names, addresses and JTWROS

JudyS said:
I am giving away a timeshare to another TUG member (or rather, "selling it" for $1), and I offered to prepare the deed myself. I own the timeshare as individual (not married) property, and the TUG member who will receive the timeshare will own it as joint property. I want to make sure I get the language right when preparing the deed. This is for a quit-claim deed for a Texas timeshare.

(Names and addresses in the examples below have been changed for privacy)

The current deed says:
THE UNDERSIGNED, Inverness II Condominium Assoc. Inc., hereafter called Grantor, for Ten ($10.00) and other good and valuable consideration in hand paid by Judith A. Smith, 123 Main Street, Ann Arbor, MI 48108, hereafter called Grantee,...​

I am planning to prepare the new deed to say:
THE UNDERSIGNED, Judith A. Smith, 123 Main Street, Ann Arbor, MI 48108, hereafter called Grantor, for One ($1.00) and other good and valuable consideration in hand paid by Robert Jones and Susan Jones, 999 Broad Street, Anytown, NY 10888, husband and wife as joint tenants with right of survivorship, hereafter called Grantee,...​

Does this sound like the proper language? I have taken the "joint tenants with right of survivorship" phrase from another deed, but it's not a Texas deed. A google search suggests that this exact language is used in Texas, though. I'm also a little unsure whether the "husband and wife as joint tenants with right of survivorship" phrase should go before or after the grantee's address.

Any thoughts? Thanks in advance!
Judy
Click to expand...
 
If the deed is for Texas and the couple is in another state, you are using the most easily recognized method for conveying your property.

In Texas when a resident married couple buy a piece of property, slightly different language is used because this is a community property state. But if the couple is from a non-community property state, your method will be clearer for probate purposes.

elaine
 
Grant it to one party or the other. It will then easier for them to dump(abandon) it if they want to in the future.
 
The question is for your buyers...how do they want it titled? Joint tenants is different than tenants in common. either way is good. it depends on what they want.
 
ronparise said:
The question is for your buyers...how do they want it titled? Joint tenants is different than tenants in common. either way is good. it depends on what they want.
Click to expand...

Although there is a difference between tenants in common and tenants with right of survivorship, I think that they want the tenants with right of survivorship option.

In tenants in common, the person that passes away can deed their "share" of the unit to someone other than their spouse. In JTWROS, the surviving spouse inherits the "whole" timeshare unit.

elaine
 
glypnirsgirl said:
Although there is a difference between tenants in common and tenants with right of survivorship, I think that they want the tenants with right of survivorship option.

In tenants in common, the person that passes away can deed their "share" of the unit to someone other than their spouse. In JTWROS, the surviving spouse inherits the "whole" timeshare unit.

elaine
Click to expand...

thats exactly right...they are different and its not for us to decide its for the buyer...Consider that my wife and I have no children together, but we each have children from previous marriages. If we own something jtwros and she dies before me. I will own the asset 100%, when I die, it will go to my heirs. Her son is left out...Thats not what we want to have happen. so jtwros is not the way we own anything
 
Thanks to all for the information!

The person acquiring the timeshare asked that it be deeded jointly with his wife. I just want to make sure I have the language right.

I hadn't realized that the language is different for community property states. Does anyone happen to know how the deed should read if they *are* in a community property state?
 
ronparise said:
thats exactly right...they are different and its not for us to decide its for the buyer...Consider that my wife and I have no children together, but we each have children from previous marriages. If we own something jtwros and she dies before me. I will own the asset 100%, when I die, it will go to my heirs. Her son is left out...Thats not what we want to have happen. so jtwros is not the way we own anything
Click to expand...

Good point.

And even though my husband and i are in the exact same position - no children together, each have children from previous marriage, it did not occur to me to deed this differently. I wish I could find the DOH emoticon.

elaine
 
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