What Happens if Two Names are on a Deed and One Person Dies?
Dealing with the loss of a loved one can be incredibly difficult, both emotionally and logistically. If you co-owned a property and one of the owners passed away, you may be wondering what happens to the property.
First of all, it’s important to identify the type of ownership arrangement that was in place. There are two common forms of joint ownership: joint tenancy and tenancy in common. In joint tenancy, each owner has an equal share of the property and the right of survivorship. This means that if one owner dies, their share automatically passes to the surviving owner.
On the other hand, tenancy in common allows each owner to have a different percentage of ownership, and there is no right of survivorship. When one owner dies, their share of the property passes to their estate, rather than to the surviving owner.
If you and the deceased owner were joint tenants, you will automatically inherit their share of the property. This means that you will become the sole owner of the property, and will have the right to sell or rent it out, or to reside in it as the sole owner. However, you will need to provide evidence of the deceased owner’s death, usually in the form of their death certificate, to your local land registry office in order to have their name removed from the deed.
If you and the deceased owner were tenants in common, their share of the property will pass to their estate. This means that you will now own the property jointly with the executor or administrator of the deceased owner’s estate. The executor or administrator will be responsible for paying any debts or taxes owed by the estate, and will need to seek probate in order to legally transfer the deceased owner’s share of the property to their heirs.
It’s also worth noting that if you and the deceased co-owner had a mortgage on the property, you will still be liable for the outstanding balance. You will need to continue making mortgage payments in order to avoid the risk of the property being repossessed by the lender.
In conclusion, the outcome of joint property ownership after the death of one co-owner depends on the type of ownership arrangement that was in place. Joint tenancy allows the surviving owner to inherit the deceased owner’s share of the property, while tenancy in common requires the deceased owner’s share to pass through their estate. It’s important to seek legal advice if you have any doubts or concerns about how to proceed with joint property ownership after the death of a co-owner.
