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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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| Q |
What home product makes lawn mowing easier than ever?
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| A |
The Robomow, a robot lawn mower manufactured in the UK by Friendly Machines, can cut 6,000 square yards of lawn all by itself. |
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Art Hudson
Century 21 Mountain Lifestyles
640 Greenville Hwy
Hendersonville, NC 28792
Direct: 828-606-1671
Fax: 828-693-7297
Office: 828-692-8275
Art.Hudson@centuyr21.com
FaceBook: Art Hudson
Member of the "Master Sales Society" and a graduate of the "Master Sales Academy" in Chicago Illinois January 2009. I subscribe to the following:
1. Live by the "Get By Giving" philosophy
2. Make my client's goal my #1 goal
3. Live up to my standards, despite temptations to lower them
4. Be willing to work toward the common good
5. Do what I say I will do, sometimes more,just never less.   
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