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
In legal terms, the definition of null and void (“void ab initio”) can describe an agreement that has no force or binding power. Therefore, it’s neither valid nor legally ...
Additions made to a structure to protect it from damage due to inclement weather. An example is reinforcing the wood surrounding windows. ...
Documentation of zoning requirements and changes thereto. ...
Charges resulting in involuntary encumbrances against real property derived from legislated law rather than from debts owed to organizations o r individuals. For example, of a homeowner ...
Property title having no encumbrances. In the usual sense this means a title not having a mortgage. Other encumbrances could include judgments or additional financial liens. ...
Same as term annuity: Equal period payments or receipts. Examples of an annuity are annual rental receipts from a real estate investment and cash dividends from a real estate firm's ...
Unable to sell an investment to obtain cash in the short-term without incurring A significant loss. Real Estate is typically not liquid because of the inability to sell property to raise ...
Rights granted to owners of property restricted to conservation use, historic preservation, or some other low density function to sell to other landowners allowing them to develop their ...
The total expenditures required to make a locality suitable for the designated purpose. An example is how much it would cost to build a shopping center on a lot. ...
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