Vesting is how you take title to the property that you are buying. A deed will be recorded in public record to convey ownership of the property from the seller to you. Your vesting is how you are listed on this deed.

Vesting is particularly important when multiple parties take title to a property. The interests of each owner and legal relationships between owners are determined by the vesting you use. Common types of vesting include:
• Joint Tenancy with Rights of Survivorship — This vesting gives each owner equal ownership, equal rights of possession and undivided interest in the property. If one party dies, ownership automatically passes to the other joint owner.
• Tenants in Common — This vesting allows for different interests, usually stated as percentages on the deed. Tenants in Common can have different rights of possession. If one party dies ownership passes to that owner’s heirs.
• Tenants by the Entirety — This is a special vesting for married people. It allows spouses to take title together as a single legal entity. It’s a lot like joint tenancy, providing for equal rights of possession and rights of survivorship upon the death of one spouse. Not all states recognize Tenants by the Entirety — Oregon does.

Decisions about your vesting are important and should be made with advice from a real estate lawyer. We’d be more than happy to recommend one—just ask.