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Idaho's statutes allow three primary methods for co-ownership of real estate: tenancy in common, joint tenancy, and community property. See Idaho Code Section 55-104.
Holding title as tenants in common means that each owner has title rights to a separate portion of the property. The owner may sell or otherwise convey the share independently from the others, and it may be included in his/her will.
Joint tenancy and community property, on the other hand, include the right of survivorship, meaning that when one owner dies, his/her share of the property is distributed amongst the survivors. Note that community property is only available to married couples and often requires a recorded community property agreement for full effect.
To formalize the transfer, remaining owners may use an affidavit of survivorship. By executing and recording this document, along with an official copy of the deceased owner's death certificate, the property and taxation records are updated to show the new status. This helps to maintain a clear chain of title (ownership history), which is important for future transfers of the property.
Each situation is unique, so seek legal advice for complex situations or with specific questions.
Deeds.com Idaho Affidavit of Successor Forms Have Been Updated as Recently as Tuesday May 3, 2022
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