Legal Site - Online Services Division of McKimmey Law Office, Shawnee, Oklahoma. Legal forms, documents and pleadings for use in Oklahoma.




McKIMMEY LAW OFFICE, P.C.
20 E. 9th Street
The Aldridge - Suite 137
Shawnee, Oklahoma 74801
Telephone: 405-275-3564

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TERMINATION OF JOINT TENANCY

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[ home ] [ Amortization Schedule ] [ Certificate of Incorporation ] [ Divorce - Waiver Set ]
[ Contract For Deed ] [ Deed Preparation ] [ Termination of Joint Tenancy ] [ Termination of Life Estate ]
[ Transfer on Death Deed ] [ Medical Authorization for Care of Minor ] [ Change of Name ]
[ Power of Attorney ] [ Pre-Nuptial Agreement ] [ Promissory Note ]
[ Release of Mortgage ] [ Release of Judgment ] [ Vacate Divorce Decree ]

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Q. - What is JOINT TENANCY ?
A. - 'Joint Tenancy' is an estate in property, title to which is held in the names of two or more persons - each of whom have an undivided interest in the property.

The uniqueness of this tenancy in real property is that upon the death of one joint tenant, that person's interest passes to the 'survivor(s)' of the Joint Tenancy.

Property held in Joint Tenancy is not a part of the 'probate estate' of the decedent, and not subject to normal claims of creditors of deceased. The is property still subject to existing liens created by the deceased joint tenant.

To create a joint tenancy estate it is necessary to make the establishment of this estate clear on the deed, title or certificate of ownership, granting the interest, by the use of the words - as 'joint tenants, and not as tenants in common, with full rights of survivorship.

Sometimes people attempt to create a 'joint tenancy' by the use of the words - 'and or'. - In most states this merely gives either of the persons the full title to personal property - and a tenancy in common in real property.

stop - We recommend that the 'joint tenancy' estate, in most cases only be used - when the property is jointly acquired - the parties are husband and wife of long standing - or a single person on the verge of dying with an adult child who is an only child.
There are many exceptions to this general rule, and before making your decision discuss the options with your attorney.

stop - Never - Never, ever create a 'joint tenancy' with a minor child!

The most important consideration in creating a 'joint tenancy' is that both parties actually want the property to pass to the 'survivor'.

stop - Never - Never, ever create a 'joint tenancy' with one or more other persons, expecting that person(s) will take care of other children or persons.

The most important consideration in creating a 'joint tenancy' is that both parties actually want the whole property to pass to the 'survivor'.

See - FAQ - Pre-Nuptial Agreements - Ante Nuptial

stop - Serious problems can arise when you create a 'joint tenancy' in the names of more than one person - people don't always die in the proper order! - or when the 'joint tenant ' is one of several adult children, and you expect that child to be 'fair' with the others!

stop - If you put one adult child's name on a bank account for 'convenience only', unless you want that child to have the whole account on your death, be sure that your bank does not create an ownership or joint tenancy interest in the account in the name of the adult child!
stop - Caveat: - Joint Tenancy is a good estate planning tool - but whenever you put someone else's name on title to your property, be absolutely sure you know the full legal consequences. You should consult with your attorney to determine whether whether a 'Joint Tenancy' does what you want and expect it to do.
stop - Creation of a 'joint tenancy' is irrevocable without the 'consent' of the other joint tenant.

However, either joint tenant may break the joint tenancy by conveying his/her interest. Such a conveyance makes the joint tenant and new owner tenants in common with each owning and undivided one-half interest in the property. The the right of survivorship is no longer part of the tenancy, and the interest of each tenant in commonbecomes a part of hi/her probate estate, subject to testate or intestate succession.


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If you want to deed the property to someone, and make the deed take effect only upon your death - yet maintain full contol over it - and maybe even change your mind & revoke the transfer - you may want to look at a Transfer on Death Deed




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Q. - What if a JOINT TENANT Dies?

The primary reason for placing title to property in another person as a Joint Tenant is for the simplicity of passing title in the event of one of the Joint Tenants.

  • Joint Tenancy Property is not Part of the probatable estate of the Deceased Joint Tenant.

  • Joint Tenancy Property os not subject to the payment of the debts of the deceased Joint Tenant.

  • Joint Tenancy property is free of claims of the other heirs of the Deceased Joint Tenant.

  • Proving the Termination of the Joint Tenancy by the Death of One of the Joint Tenants is a simple procedure.

In Oklahoma the procedure is provided in 58 O.S., Section 912

Simply file an Affidavit of the death of the deceased Joint Tenant and a copy of the death certificate in the Office of the Clerk of the County where the real property is located.




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We Prepare

Original and One Copy of Affidavit of Termination of Joint Tenancy


We Also Provide

Complete instructions for recording your completed Affidavit of Termination of Joint Tenancy.

Our Charge for the Service is $85.00

( Your Costs For Recording Will be Approximately $20.00 )






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Information About Deed Creating Joint Tenancy
Enter All Information Exactly as on Shown on Deed


What Kind of Deed Created Joint Tenancy?

- Warranty Deed
- Quit Claim Deed
- Sheriff's Deed


If Other Than Above Please State Kind of Deed -
Exactly As It Appears on Deed That Created Joint Tenancy



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County & State Where Real Estate Is Located

County - State -


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Legal Description of Property -
Exactly As It Appears on Deed That Created Joint Tenancy



First Joint Tenant On Deed
Second Joint Tenant On Deed
Date of Deed
County Where Deed Recorded
Book Where Deed Recorded:
Page Where Deed Recorded



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Information About Deceased Joint Tenant:
Enter All Information Exactly as on Shown on Death Certificate

Deceased as Shown on Deed
Deceased as Shown on Death Certificate
Date of Death
Relation to Surviving Joint Tenant
County & State of Death:



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Send Completed Affidavit To:

Full Name - First, Middle, Last:
Mailing address:
Street address or P.O. Box:
City:
State or Province:
Zip or Postal Code:
County:
Telephone:
Fax:
E-mail address:



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Other Services Now Offered

[ home ] [ Amortization Schedule ] [ Certificate of Incorporation ] [ Divorce - Waiver Set ]
[ Contract For Deed ] [ Deed Preparation ] [ Termination of Joint Tenancy ] [ Termination of Life Estate ]
[ Transfer on Death Deed ] [ Medical Authorization for Care of Minor ] [ Change of Name ]
[ Power of Attorney ] [ Pre-Nuptial Agreement ] [ Promissory Note ]
[ Release of Mortgage ] [ Release of Judgment ] [ Vacate Divorce Decree ]


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McKimmey Law Office, P.C.
Wills - Probate - Real Estate - Civil Rights
Pre-Nuptial Agreements
Common Law Marriage
Schedule of Fees & Services




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1955




2/15/15