Question: My wife and I are buying a home in Tempe for
our daughter to live in while she attends Arizona State University.
Can we list our daughter on the title as joint tenants with right
of survivorship, tenants in common, or can the title be in our
name only?
Answer: You can legally take title in any of the three
forms that you have suggested. If you and your wife take title
with your daughter as joint tenants with right of survivorship,
upon the death of one of you, the surviving two will own the home.
If you and your wife take as title with tenants in common, upon
the death of one of you, the remaining two owners will own the
home with the heirs of the first one to die. If the home is owned
as either joint tenants with right of survivorship or tenants
in common by the three of you, all three of you will have to agree
on any sale or refinancing of the home and any debts of one of
you can be a lien on the home. Inasmuch as you probably do not
want to consult with your daughter if you and your wife decide
to sell or refinance the home, and your daughter may acquire debt
such as credit card bills which could be a lien on the home, I
would recommend that you and your wife take title in your names
only, probably as community property with right of survivorship.
