Tenancy In Common
Definition of "Tenancy in common"
Ownership of property by two or more people in undivided interests, without the right of survivorship. Each coowner's interest may be conveyed separately by its owner. Tenancy in common dissolved by conveyance of a co-tenant interest to another new tenancy in common is created between grantees and remaining co-tenants. In the event that one of them dies, his or her interest passes by a will to his or her devises or heirs by intestate succession and not to the other tenants in common.
Popular Real Estate Terms
Current cost to replace property with an identical property after allowing for the depreciated value of the property. ...
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Provision permitting a lender to charge the borrower a penalty for repaying a loan before its due date. ...
Written agreement in which the lessee pays rent to the lessor for the use of real property for a stated time period. An example is the tenant's rental of an apartment or office space. ...
Last installment payment, substantially greater than the previous installment payments. The unpaid balance of a long-term loan is paid off in a lump sum at the end of the loan term. ...
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Borrower's right to redeem his property by immediately paying off the loan balance and any related costs. ...
Ratio of annual mortgage payments divided by the initial principal of the mortgage. This only applies to loans involving constant payment. For example, a $500,000 loan with an annual ...
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