Posted: Mon Oct 05, 2009 11:52 am Post subject: Joint Tenancy with Right of Survivorship
My friend's mom and her best friend go to live in Florida during the winter months. They bought a "camper" together that is parked at a retirement village where they pay a association fee, or lot rent monthly. They actually own the mobile-home like camper. (It does not have a motor, and really can't be moved). The title is in both of their names. They paid for it equally. There is no lien.
The question is this. They wanted to do some sort of "survivorship deed" that if one dies, the other automatically gets the camper and it doesn't have to go thru probate.
At first, I didn't know it actually was a titled "vehicle" and that I could do the survivorship deed. I would think that since the title in in both of their names, it would automatically revert to the other if one dies, without have another document to state that. The "camper" is physically, permanently located in Florida.
Is there anything else would need to be drafted to make sure the other gets the property?
As there is a survivorship deed between the co-owners of the property, I don't think any other deed is required to be signed by the co-owners. If one co-owner of the property is deceased, then the other would get the property transferred in his/her name.
Thanks
kristindimacchi Guest
Posted: Tue Oct 06, 2009 5:00 am Post subject: deed
The vehicle has a title...not a deed. Would that still be the same thing? Thank you for responding!!!
If there's a survivorship deed between both the owners of the property, then the property would get transferred to the other co-owner if one of them dies. _________________ Procrastination is the enemy of your financial sucess
kdimacchia
