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
The definition of a census-designated place or CDP is rather complex and difficult to understand. We are going to try to explain it as much as possible. Starting from the top and working ...
Characterized by a low volume of real estate sale transactions. ...
Mutually binding property sales contract where the title remains with the seller until the purchase price is paid by the buyer. It is a contract to convey title in the future upon ...
Funds put up by venture capitalists to finance a new business. Often, involves a loan or investment in preferred stock or convertible bonds. A major purpose of seed money is to form a basis ...
Rights allowing an insurer to act against a negligent third party to receive reimbursement for payments made to an insured. ...
The lessee becomes a lessor by subletting the property to a third party. Typically, the sandwich leaseholder does not own or use the property. ...
Sheet metal, often made of aluminum, used to cover a structure's open masonry or wood joints. The purpose of flashing is to prevent the penetration of water as well as to provide a drainage ...
The definition of acquisition cost in real estate is the total cost recorded by a company or individual pertinent to the purchasing of a property. This is the entire amount written down in ...
Process by which a lessee leases the property to another lessee. ...
Have a question or comment?
We're here to help.