The way that you hold title to your property has legal, tax, and estate-planning consequences. Many buyers do not receive adequate professional advice on this important aspect of property ownership.

If you are purchasing property by yourself, you will be acquiring title by sole (or "separate") ownership, single ownership, or severalty ownership. The term "severalty" does not denote more than one person - it is a legal term meaning that sole ownership is severed from all other forms of ownership.

If you are purchasing property with others, the most common forms of co-ownership are tenancy in common, joint tenancy, and community property. Tenants in common can be created when two or more related or unrelated people hold title to a property either equally or unequally. Each individual has the right to do whatever he wishes with his interest in the property. For example, he can sell his interest, give it away, or will it to someone else.

Before you take title, you should seek advice from your tax advisor and an attorney, particularly if you are buying the property with another person.

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Michele Safford
Coldwell Banker Weir Manuel
41860 Six Mile Rd
Northville, MI 48168
248-675-1245
sold@michelesafford.com

Michele is a licensed Realtor with seventeen years of experience in real estate. Her primary areas of expertise are working with sellers and buyers and both family and corporate relocation. She is familiar with Metro Detroit and the Southeastern Michigan counties of Wayne, Oakland, Livingston and Washtenaw. In addition to her real estate license, Michele received her Bachelors degree from Michigan State University and her Masters degree from Oakland University, both in the field of education. She has taught all areas of special education, mentally, emotionally and learning disabled children. She has worked as a Vocational School Presenter. She resides in Northville and has four grown children.

For the last three years Michele Safford has remained the #1 Agent in the Coldwell Banker Schweitzer Northville office. She consistently stays on top of the market trends and has been working with a business coach for several years. With the constantly changing market sellers and buyers need to hire the best real estate expert in the industry. Call 248.675.1245 or email sold@michelesafford.com to meet all your real estate needs.

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