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Old 07-08-2008, 02:25 PM
 
254 posts, read 790,323 times
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Hey, everyone! We just moved from TX and we're buying a house in NOVA and I noticed in the mortgage paper works we got that they will use "tenants by entirety" instead of "joint tenants w/rights of survivorship". Which is the best way to go with this? Is there a difference? Any input is appreciated. By the way, we're married, if that makes a difference. Thanks.

Last edited by nixau27; 07-08-2008 at 02:40 PM..
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Old 07-08-2008, 03:25 PM
 
Location: Sterling, VA
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Tenants by the entirety is available in Virginia for married couples. Upon the death of either, the property passes to the survivor without going through probate. It is still counted as part of your estate for tax purposes. This is also true for joint with rights of survivorship. In tenants by the entirety as long as the marriage lasts, neither may dissolve the joint tenancy.

The advantage of tenants by the entirey is that debts that are not joint do not attach to the house. If the husband has a debt and dies, the debt is not attached to the house and does not pass to the surviving wife. (And vice versa, I did not mean to imply that only the husband may have a debt.) This may not be true for tax debts, tax liens have a way of trumping everything else. Your title company attorney should have the answer to the tax question.
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Old 07-08-2008, 04:48 PM
 
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Quote:
Originally Posted by nixau27 View Post
Hey, everyone! We just moved from TX and we're buying a house in NOVA and I noticed in the mortgage paper works we got that they will use "tenants by entirety" instead of "joint tenants w/rights of survivorship". Which is the best way to go with this? Is there a difference? Any input is appreciated. By the way, we're married, if that makes a difference. Thanks.

Where did you end up buying?
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Old 07-09-2008, 05:58 AM
 
1,949 posts, read 5,984,947 times
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Got your DM.....sent a reply.
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