Joint tenancy and tenancy in common are how people take title. Join tenancy is a more common way people take the title but that doesn't mean you won't see tenancy in common. So, what's the difference between these two terms?
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Joint tenancy is common because it's your standard 50/50 split of property ownership. This typically happens when a couple buys a home. But, it's not limited to just couples. Any amount of people can have a joint tenancy title.
So, what is joint tenancy with the right of survivorship? Joint tenancy with the right of survivorship is when the joint tenants will split the ownership of another person's shares when they die. For example, if there are three people who own equal shares of the property, but one of them dies, the remaining two people will absorb that person's ownership shares.
Tenancy in common is a bit different because it involves unequal shares of the property.
For example, in a tenancy in common title, you could have someone who owns 60% of the property, someone else who owns 30% of the property, and one more person who owns 10% of the property.
It's a property split between people who own unequal shares.
When it comes to the real estate exam, it's important to know the difference between joint tenancy with right of survivorship and tenancy in common. There's a quick and easy way to remember it, and all you have to do is watch this video to find out.
Chapters:
00:00 - Do this when you're asked questions about title
01:04 - These are the 2 ways people take title
01:28 - What is joint tenancy with right of survivorship?
02:52 - How does joint tenancy with right of survivorship work?
03:30 - Real estate exam question!
04:07 - What is tenancy in common?
#TenancyinCommon #JointTenancy #RealEstateTerminology
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6 июл 2024
