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Twitter began in July of 2006.   Since then this social networking and microblogging service has gained a worldwide presence and is estimated to have 200 million users, generating 65 million tweets a day and handling over 800,000 search queries per day!

Now, Title Source has joined the masses!  Title Source is one of the largest providers of title insurance, property valuations and settlement services in the nation. Find out more by following us @TitleSource.  Leave your information below and we'll follow you too!

How do I hold Title? Let me count the ways.

When it comes to the  title of a property there are different ways title can be held.  The type of ownership you have in the property influences the legal ownership of the property as well as the way the property is transferred after an owner passes away. There are four types of ownership of property by two or more persons:
Tenants by the Entirety
Not all states allow Tenants by the Entirety. TBE is created when married persons hold title as Jack Hill and Jill Hill, Tenants by the Entirety. Spouses who take title as TBE own property as a single legal unit (the two become one) and the right of survivorship is assumed. Upon the death of one spouse title passes to the survivor by operation of law. Typically, probate is not required.
Joint Tenancy
Joint tenancy is a special form of ownership by two or more persons. Joint tenants share equal ownership of the property and have the equal, undivided right to keep or dispose of the property. Joint tenancy creates a right of survivorship that provides that if any one of the joint tenants dies the remainder of the property transfers to the survivor(s). Typically, probate is not required.

Tenants in Common
Tenancy in common is an ownership of real property by two or more persons. All tenants in common hold an individual, undivided ownership interest in the property. We can think of this ownership in terms of percentages; 40/60, 10/90 etc. Unless otherwise stated, each of two tenants in common would have an assumed, undivided 50% interest. Each tenant has the right to sell or transfer their individual ownership interest. Upon the death of a tenant in common, his/her interest transfers to his/her estate. Probate will be required.

Community Property
Not all states recognize community property. Laws vary among the states that do recognize community property; however, it is generally accepted that a husband and wife each acquire a one-half interest in property labeled "community property". Real property accumulated by a husband and wife during their marriage becomes joint property even if it was originally acquired in the name of only one partner. Separate property is that property that each individual brings into the marriage, in addition to anything that either spouse acquires by inheritance during the marriage. If survivorship is not specifically recited on the deed Probate will be required.

QUIZ:
Title is vested in Jack Hill and Jill Hill, husband and wife, O.M. Hubbard, a single woman and I.M. King, a single man all as joint tenants with rights of survivorship. Jill Hill and I.M. King die.
Do we need probate?
Why?

TSI Appraisal to Conduct Minneapolis-based Staff Appraiser Interviews in Early June

TSI Appraisal, a division of Title Source, is hiring 200+ staff appraisers to supplement its existing appraisal network across the United States. We are seeking highly skilled candidates to fill numerous open staff appraiser positions in the Minneapolis area.

TSI Appraisal will conduct in-person interviews in Minneapolis, Minnesota during the first week of June. Qualified residential appraisers are invited to apply by completing our short online appraisal evaluation.

Take A Guess!

Back in feudal times, (you know, the good old days of King Arthur, Xena Warrior Princess and the Black plague), there developed a system of land conveyance called estates in land. This method of property conveyance remains central to our modern law of real estate, both in theory and practice. An estate is an interest in land measured by some period of time. In our industry, we typically see 3 common types of estates: (1) Fee Simple, (2) Life Estate or (3) Leasehold Estate. Of these three, the life estate is most often misunderstood and one of the most common in terms of title claims. A life estate is an estate that will end at the death of a person ("to A for life"). The usual life estate is measured by the grantee's life (Owner conveys Amazing Acre to "Grantee for life"). The Grantee gets an interest in the land as long as the Grantee is alive. Upon Grantee's death, the land reverts back to the Owner ("the Grantor").

A person holding a life estate interest can ordinarily transfer, lease or encumber the property. However a person obtaining property from someone with a life estate interest gets only what the person holding the life estate had: an estate that ends at the death of the measuring life.

EXAMPLE: Erin gives to Kelly for life. Kelly gives to Brad. Kelly dies. The property reverts (returns) to Erin because Kelly only had a life estate and when Kelly gave the property to Brad, the most Kelly could give was a life estate (Nice going Kelly).

From a claims perspective, you can see why it is so important to insure that the individual in title has more than a life estate. Claims can be caused by failure to place the proper parties in title due to a failure to read the entire language in the vesting deed. As a result, a mortgage would be given to an individual holding only a life estate.

HERE'S THE QUIZ:

 Patrice conveys Amazing Acre to Farah for life, then to Dave and his heirs, but if Dave dies before Farah, to Farah's children who survive Farah and their heirs. Farah has a child, Seven. No other child is born to Farah. Dave dies intestate (without a will) in a horrible kiln explosion. Seven dies intestate when he falls into a pump operating in a chocolate river. Then Farah dies thanks to a candlestick in the library.

Who owns Amazing Acre?

BONUS Question: Why?