Joint Tenancy
A type of property coownership of two or more individuals to whom real property is deeded and who together have an undivided interest in it as a whole. There is only one title to the whole property. Upon the death of a joint tenant, that person's interest does not descend to his or her heirs or pass by will. Rather, the entire ownership remains in the surviving joint tenant(s). In other word, there is simply one less owner. A joint tenant can be in exclusive possession of the property or he or she can lease his or her interest to a third party without affecting the nature of the joint tenancy. Such lease will terminate upon the death of the lessor joint tenant, with the surviving joint tenants taking the interest thereon. generally, if a joint tenant dies, the survivors(s) obtain the property, also called joint tenancy with right of survivorship. For example, John and Victor are the joint tenants of a building. Each own one half of the whole building. Upon John's death, Victor will own the whole property, and vice versa.
Popular Real Estate Terms
Measure of land representing one square mile. A section equals 640 acres. ...
Generally, a turnaround means a performance improvement. The term applies to various economic fields and real estate too. What does turnaround mean? After a prolonged recession, a ...
Precalculated tables providing the present values of $1 or an annuity of $1 for different time periods and at different discount rates. ...
Degree of completion or accomplishment such as a home that is 70% completed. Condition of real property. Position of an item. Legal standing such as of a case. ...
An individual appointed by a court to manage the affairs and property of a legally incompetent party. The conservator has full decision-making authority over the affairs of the property in ...
Administering and directing the activities of a real estate brokerage firm to assure they are in compliance with regulations and policies. ...
Single-family dwelling attached to other units by common walls. ...
Financial standing of a debtor as a basis to pay obligations. ...
A property manager is either a person or a company that supervises real estate units’ daily operations. They can either manage individual units or entire buildings, both residential ...
Have a question or comment?
We're here to help.