There are many different ways of holding title such as joint tenancy, in a trust, sole, etc. The three most common ways in Washington are Joint Tenancy with right of survivorship, Tenancy in Common and Community Property:
Joint Tenancy: The main distinguishing characteristic of joint tenancy is the right of survivorship. If one of the joint tenants dies, his interest passes automatically to the surviving party or parties instead of being tied up in lengthy probate proceedings. When two or more people own a property as joint tenants, they own an undivided equal interest in the property.
Tenancy-in-Common: This is so standard a form of ownership for unrelated buyers that it is generally presumed to be the way they hold title if nothing else appears to the contrary. The shares are presumed to be equal unless stated otherwise on the deed, and each of the tenants has equal rights of possession. There is no right of survivorship; each tenant-in-common should note in his will the person or persons to whom his share will pass.
Community Property: This type of ownership is available to married couples in nine states – Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. Both husband and wife have an equal right to possess the property during their marriage, and in some states, upon the death of either spouse, the survivor automatically receives half of the community property and the other half passes to the lawful heirs.
Click on the following image to enlarge it and get a more detailed overview of these three most common types of ownership.
This image was provided courtesy of John Monger (Rainier Title – Seattle)
The comparison above was provided for information only. It should not be used to determine how you hold title. We are real estate agents and not attorneys or CPAs; we cannot give legal or tax advice. We strongly recommend that you seek professional counsel from an attorney and/or CPA to determine the legal and tax consequences of how title is vested.
Kerstin G. Brooks
Brooks & Heinze Team
Cell: 206.276.5827
http://www.propertyinseattle.com
Kerstin G. Brooks, Broker 
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