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 Sam
Site Admin
Joined: 21 May 2005
Posts: 212
Location: CALIFORNIA
97.98 Dollars($)
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 Posted: Wed Apr 07, 2004 11:34 pm Post subject: Joint Tenancy |
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Joint Tenancy is a form of ownership by two people, usually spouses, that gives each person -
- Equal undivided interest in the property.
- Equal rights in the entire property.
When one of the joint tenant dies, the other holds the title to the entire property as the right of survivorship in joint tenacy.
For example, Ricky and his wife jointly own the house. Both of them have equal interests and rights in the house. If suppose, Ricky dies, his wife will have title to the entire house.
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Last edited by Sam on Mon Aug 14, 2006 10:06 pm |
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senado@comcast.net
Guest
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| Posted: Wed Sep 07, 2005 12:40 pm Post subject: joint tenancy |
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| how one party wont to sell own interes in joint tanancy |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1482
Location: florida
250.36 Dollars($)
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| Posted: Wed Sep 07, 2005 9:14 pm Post subject: RE: |
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Hi Senado
Welcome to MortgageFit forum.
Under the Joint Tenancy form of ownership, a co-owner has the provision of right of survivorship. The right of survivorship allows one of the joint tenants to take hold of the interest of the other tenant in the property, on the death of the latter. But once a Joint Tenancy is created, no joint tenant can sell his interest in the property without ending the Joint Tenancy arrangement.
Under this form of ownership, any joint tenant can break the tenancy arrangement without the prior permission of the other tenants. By a simple deed, the joint tenancy form of ownership can be converted to tenants in common arrangement. Under the tenants in common form of ownership, you will be able to own a certain percentage of interest in the property and hence you can easily sell it off.
Hope we have been able to guide you.
Please feel free to post further queries. Also, sign up with us at http://www.mortgagefit.com/signup to get free advice on related issues.
Regards,
Caron. |
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kanon
Guest
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| Posted: Fri Jun 08, 2007 5:54 pm Post subject: Qiut claim deed |
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Hello,
My father and I were joint tenants on a mobile home. My father waws order to sign over his half to his ex-wife in a divorce. I later used a quit claim deed to tranfer my ownership to him. Is this a legally binding agreement? |
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miller_st
Joined: 17 Jan 2007
Posts: 917
168.84 Dollars($)
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| Posted: Fri Jun 08, 2007 6:13 pm Post subject: |
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Hi Kanon,
That seems to be alright and legal.
Your father worked as per instruction court gave about transferring his interest to his ex-wife. After which you transferred your interest over to him using a quit claim deed. Now the mobile home is owned by your father and his ex-wife.
Based on the information you have provided it is legal. If there are other points about this agreement then please let us know so that we can tell if any legal clause has been violated.
Miller |
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