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
A clearly stated notice that an owner or operator will not assume responsibility for an inherent risk. For example, at a parking garage, a large notice of nonresponsability clearly states ...
Reward for investing. The real estate investor must compare the anticipated return for an investment with the associated risk. The return includes: Appreciation (or depreciation) in ...
Right to an item belongs to the public at large so anyone can use it. An example is a real estate software program that is publicly available by an electronic bulletin board service. ...
Rights, interest, and benefits inherent in the ownership of real estate, as distinguished from personal property ...
Apartment building in which each resident owns a percentage share of the corporation that owns the building. ...
A narrow passageway between buildings providing secondary rear access. ...
Stiff pipe used to cover electrical wiring for safety purposes. ...
Fan with an opening to the outside air that lets stale or hot air exit the structure; usually used in a kitchen when cooking or in a bathroom that does not have a window. It is used for ...
If buyers are considering a home with an assumable mortgage at a fair interest rate or if the sellers have already paid their mortgage, remember to consider seller financing. With seller ...
Have a question or comment?
We're here to help.