Posted on: 23rd Jun, 2008 07:30 am
I am only person on mtg, but quit claimed to partner for tennants in common, but they have moved out and now want to move back in. Does grantee have equal rights to property, or only upon mtg holders death?
Hi Guest.
welcome to the forum.
As the grantee is "tennants in common" he/she owns separate and distinct share of the property. So it is not that he will only get the ownership after the mortgage holder's death.
Best of luck.
Larry
welcome to the forum.
As the grantee is "tennants in common" he/she owns separate and distinct share of the property. So it is not that he will only get the ownership after the mortgage holder's death.
Best of luck.
Larry
Tenants in common each hold an individed 1/2 interest in the property. Each is entitled to possession. If only one possess, the possessor owes rent to the non-possessing owner. If the tenants cannot agree on who shall possess, you have no options but a "Partition" lawsuit, which is basically the court selling the property and dividing the proceeds.
A mortgage is merely a security interest in property and conveys no rights to the mortgagees, the actual owners of the property.
A mortgage is merely a security interest in property and conveys no rights to the mortgagees, the actual owners of the property.
I agree with larry. The grantee have equal rights to property.