Joint tenants own a property equally. However, your contract could be written in many different ways that mean different things for ownership, what happens when someone dies, and who receives any proceeds from the property. Look at our articles, blog posts, radio shows and videos for more information and joint tenants and other types of tenancy.
Dividing Divorce Assets Could Affect Credit
When you get divorced, the person whose name is on the mortgage loan is responsible for that debt, even if both people's names appear on the title to the home. To change the names on a mortgage loan, the loan must be refinanced. Depending on how this asset, the home, is divided between the two spouses during a divorce, it could affect their credit histories and credit scores.
Getting Out Of Joint-Ownership Home
An unmarried couple buys a home in joint ownership but never cohabitates. The woman pays off the home and the joint owner wants to be paid. What are her rights under joint ownership?
No Way To Split Tax Liability On Jointly Inherited Home
A wife asks about the taxes owed on a home under joint ownership. Her husband has joint ownership with his sister. The joint ownership details will determine tax liability.
Name On Title But Not On Mortgage
Is it a big deal not to have your name on a mortgage? Not if your name is on the title to the home. Having your name on the title but not the mortgage ensures that you have property rights to a home but not financial responsibility. Regardless, you may decide to work with your partner to ensure that the home's expenses are paid on time and in full.
How To Buy Out Co-Owner Of House
A homeowner owns her home with a friend who wants to move on and take the equity in the home, but the other isn't ready to leave. If the friend wants to buy her interest in the home, she could take out a home equity loan. A real estate attorney can help the two friends work out a deal that could work for them both.
Tenants By The Entirety
When a married couple hold a house as tenants by the entirety, it means that the spouse inherits the other spouse's share of the property when he or she passes away. It's like being joint tenants with rights of survivorship. The house is the surviving spouse's to keep or to sell.
Protect Assets With Estate Planning Including Will
When you own a home with a partner who has children from another relationship you may be wondering how to protect your assets. While it's good to buy a home as joint tenants with rights of survivorship, a will can ensure that your property inheritance desires are met. Estate planning, including a will, can protect other assets as well.
How Is Property Divided With No Will?
How will property be divided if there is no will? How the property will be divided depends on how the title to the property is held.
Understanding Inheritance Of Property
A woman inherited a home along with her brother. After her brother passed away, is the woman now the sole owner of the inherited home? How the title of the home is outlined will determine who now owns the brother's share of the inherited home.
Siblings Negotiate Parent’s Estate
How the IRS treats inherited property depends on how the ownership of the home is outlined. In this case, one child is already on the title of a home with her mother, so it depends on if they own the home "jointly" or each own a specific share. What is outlined in the owner's will will also dictate what will happen to the property when the mother dies.