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Real Estate Tips
Titles >Joint Tenancy

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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Real Estate Trivia
Q 
What does the common acronym FSBO (pronounced fizzbo) stand for?

A 
For Sale By Owner. (Between 85 to 95% of existing homes are sold with a Realtor's help.)
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Terrence Boykin, REALTOR®, real estate agent and broker for Washington DC, Montgomery County and Fairfax County, Maryland home listings, property and land for sale - NUMBER1EXPERT

Terrence Boykin
RE/MAX 2000 Realtors

11900 Parklawn Dr.
Rockville, MD 20852
202-256-6509
Fax: 202-355-7544
terrenceboykin@NUMBER1EXPERT.com


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