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.
To Refinance You Need A Job
To remove someone from a mortgage loan, you have to refinance. To refinance a mortgage loan you have to show that you can make payments, through the form of holding a job. You can't refinance a mortgage loan without a job, even if both parties want to speed up the refinance process. In addition, if you want to sell the home you need to have permission of the other person whose name is on the mortgage.
Real Estate Advice For Changing Title After Making Mortgage Payments
Buying real estate with family can be tricky. What can you do if you've made all the mortgage payments but you share the title with a family member? In trying to get a family member to change his mind about co-owning a home, it helps to view the situation from the other person's point of view. If the co-owner won't ultimately agree to be removed from the title to a home on whose mortgage he's made no payments, it may be necessary to file a lawsuit.
Selling Part Ownership In Home
A homeowner bought a home with two family members and would like to sell her share of the home. The homeowner should not agree to give up her part ownership in the property without being paid first by the other family members. Because she is part owner, she deserves her fair share in the home and it's appreciated value.
Investing In Real Estate With Siblings
Can a 1031 exchange be used when selling and buying new property with siblings? Hiring a real estate attorney is a good idea when buying a home with siblings. Here are the best steps to take when using a 1031 exchange and buying real estate with siblings.
Paying Expenses After A Spouse’s Death
When your spouse dies with credit card debt, is it your responsibility to pay it off? It depends on whether the person who died had an estate with money to pay off the credit cards. If the deceased did not have an estate to pay off the debt it may fall to the spouse, depending on whose name was on the credit cards.
Protect Home With Estate Planning
Estate planning is crucial to ensuring your family's safety upon the death of a family member. When you live in a home but your name is not on the home's title you risk losing that home if the people who are on the title decide to ask you to move out. When property is co-owned with family members, it's important to structure property ownership in a way that protects you in case they pass away.
Holding Title As Tenants By Entirety
Titles can be confusing especially in regards to ownership clauses. There are differences and benefits between tenants by the entirety, joint tenancy and tenancy in common. Some real estate attorneys feel that married couples have even better protection with tenancy by the entirety than with joint tenancy with rights of survivorship.
Joint Tenancy With Rights And Tenancy In Common
Holding title in joint tenancy with rights of survivorship means that each owner of the home owns an equal undivided share of the home and in case one of the owners dies the remaining owners automatically own the property together. Changing the title to a tenants in common ownership would allow people to own a property in percentages.
Married Couple Purchasing Home With Unequal Shares
Buying a home together is a big step for any married couple. This married couple has unequal amounts to put toward a down payment and want to make sure a contract states the amount each put into the home. But for a married couple, the home-buying conversation is one they should have had long ago.
Using 1031 Exchange For Building Owned With Friends
Using a 1031 exchange on jointly-owned property depends on if the homeowners own the home as joint tenants or tenants in common. The cost of setting up a 1031 exchange trust isn't much but the benefits of deferring a significant amount of tax to the Federal government can be tremendous. The rules regulating 1031 exchanges are rather strict.