Joint Tenancy
Definition of "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
(1) The interest rate used to convert future receipts or payments in connection with real estate property to their present value. The cost of capital is used as the discount rate under the ...
Lease agreement having level payments during the contractual period. It does not have an escalation clause to allow for increased costs due to increases in inflation, taxes, or other ...
Sometimes a landlord agrees to implement within the rent contract the possibility of the tenant buying the house at a certain price, by a certain date. It’s what’s called in the ...
Demise indicates the act of “granting a lease of property” in legal terms. A demising clause refers to a particular provision of housing requirements based on family size, ages, ...
Average of income, retail revenue, and population of a locality as a percentage of the entire United States. It reflects the economic status of a particular region. ...
Mortgage loan not insured or guaranteed by a governmental agency such as the Federal Home Administration or the Veterans Administration. This type of loan is repayable in fixed monthly ...
Farm land. Land that has trees on it. ...
Same as term prospectus: Document that must accompany a new issue of securities for a real estate company or partnership. It includes the same information in the registration statement, ...
Occurs when the cost of repairing a component of a building structure exceeds the value of the structure and is therefore uneconomical to perform. For example, because of extensive ...
Have a question or comment?
We're here to help.