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Real Estate Tips

Titles >Joint Tenancy

When two or more individuals own property together, each one owning an equal interest and having equal rights in the property including the rights of survivorship, it is referred to as joint tenancy. Any of the joint tenants may transfer his or her interest in the property to another party, but this dissolves the joint tenancy and creates a tenants-in-common interest with respect to the other parties whose names are on the title.

The most important feature of joint tenancy is the right of survivorship. A joint tenant cannot will his or her interest in the property to others. The surviving joint tenant (or tenants) simply becomes the owner or owners of the property without going through the probate process, which can involve expensive legal fees and may take months to resolve.

It is important to get professional advice when you plan to buy and hold title to real estate with another person.

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Real Estate Trivia

Q	What is the world's longest wall?
A	The Great Wall of China, at a length of 2,150 miles, nearly three times the length of Britain.
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Daniel Kolody & Associates
Re/Max Accord
313 Sycamore Valley Rd.
Danville, CA 94526
Cell:: 925-337-7949
Office:: 925-736-1715
daniel@danielkolody.com
Daniel Kolody & Associates is a team of Experienced Real Estate Professionals. We provide a full range of services -- which include Legal Advice, Loan Consultation, Escrow/Title Advice, Appraisal Information, and all Real Estate Buying and Selling Services.

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