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LAS VEGAS IS ... ... EXCITING! GROWING! AND FUN! But it's far more than just slot machines and the strip! What was once a mecca for gamblers and thrill-seekers has become a family town, replete with first class entertainment and attractions unparalleled anywhere else in the world. But, from a homeowner's perspective, the "new" Las Vegas is more than just a gigantic amusement park with a gambling theme. It's one of the most exciting "big little towns" in the United States. There are a number of web-sites on the Internet that tell you more about this wonderful evolving city. We have will be adding hot links to some of them here. If you see something that catches your eye, just click away and you'll hyperlink directly to that site.
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Titles >Ways to Hold Title
When two or more people purchase property together, there are three ways that the title can be held. Knowing the implications of each form of ownership will help you decide how to write your deed.
"Tenancy by the entireties" is reserved exclusively for married people. Both husband and wife own an undivided interest in the property. On the death of one party, the surviving spouse owns the entire property and no probate will be necessary. When unmarried persons buy a home together, they should seek legal advice regarding how title should be held. As "tenants in common" each party owns a percentage interest in the property. On the death of one party his or her interest does not go to the surviving owner but is distributed in accordance with the will of the deceased, whose estate must be probated. As "joint tenants" each party owns an undivided, equal interest that passes automatically to the surviving joint tenant. Probate is not necessary if the deed reads "joint tenants with rights of survivorship".
It is important to know that in most courts, if a deed is written without specification of how title is held, the property is titled as "tenants in common."
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