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
When we think of rural property or rural real estate, most of us think of farms, properties with large areas designated to agricultural land. That’s how rural communities generally ...
Property that is similar in characteristic and when exchanged is a nontaxable transaction. Any property that is not like-king, such as cash (boot), is taxed. As a result, a gain is not ...
Document between two or more parties indicating a need to take or not take a previous action taking place. For example, a bank may commit to make a loan dependent on a satisfactory credit ...
Building recognized because of its history, such as the Booth theater in Washington, Dc. The demolition of historical buildings is not permitted. Historical building modifications are ...
Type of property distribution occurring when a person dies intestate. The estate id divided by the children of the deceased and by their children. For example, if a husband dies intestate, ...
Market condition in which the prices of real property are declining because of a lack of demand normally associated with a general economic slowdown. ...
The landing at the bottom and/or top of a stair case providing support for the structure. ...
The right to drain water through anothers property through a ditch, pipe, or trench. See also drainage right of way. ...
A bilateral contract is a pretty straightforward term. No horseplay there. It’s a legal agreement between two individuals who both agree to do (or not to do) a specific act. The ...
Have a question or comment?
We're here to help.