When you purchase a home you do not receive a “title” like you would a car. Instead, when real estate is transferred to a new owner, it is transferred by a Deed.

The transfer constitutes a legal transfer when the Deed meets the legal requirements under Tennessee Law and is delivered to the Buyer. Upon delivery ownership vests in the Buyers. The Deed is recorded with the county to put the public on notice of the transfer. That way if a lien is put on the property, such as a tax lien on a previous owner, you will not lose your property.

There are many different ways to have a legal interest in title, but we are going to start the discussion next week with some of the most common ways real estate vests in buyers. The three most common are Tenants in Common, Joint Tenants with Rights of Survivorship, and Tenants by the Entirety.