Title Tidbits - Tenancy

Be aware when purchasing a home that you need to direct exactly how your deed will reflect tenancy. If you are a single person buying a home, no notation as to tenancy is needed. However, purchasing with another person, or mulitiple people, it is important that tenancy read in a manner that reflects your wishes.
The basics:

Joint Tenancy with full rights of survivorship - each individual owns an equal share in the property. When one tenant passes away, their share passes to the remaining tenant(s).

Tenants in Common - two or more related or unrelated purchasers (co-tenants) own the property in equal or unequal shares. Each share is undivided meaning each has equal right to the whole property. Unlike in a joint-tenancy, the share of a deceased co-tenant passes on to his or her estate and heirs. All decisions to develop, mortgage, sell, or use the property may only be made collectively by all co-tenants.

Tenants By the Entirety with full rights of survivorship - this is the assumed tenancy for married purchasers. The property is owned as a whole by each spouse. The passing of one spouse transfers the whole ownership of the property to the surviving spouse. The passing of the sole surviving spouse transfers the property to that individuals Estate.